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Good project risk management depends on supporting organizational factors, having clear roles and responsibilities, and technical analysis. Chronologically, project risk management may begin in recognizing a threat, or by examining an opportunity. For example, these may be competitor developments or novel products.
Planning how risk will be managed in the particular project. Plans should include risk management tasks, responsibilities, activities and budget. Assigning a risk officer – a team member other than a project manager who is responsible for foreseeing potential project problems. Typical characteristic of risk officer is a healthy skepticism.
A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
A project management information system (PMIS) is the logical organization of the information required for an organization to execute projects successfully. A PMIS is typically one or more software applications and a methodical process for collecting and using project information.
In the 1960s project management as such began to be used in the US aerospace, construction, and defense industries. [7] The Project Management Institute was founded by Ned Engman (McDonnell Douglas Automation), James Snyder, Susan Gallagher (SmithKline & French Laboratories), Eric Jenett (Brown & Root), and J Gordon Davis (Georgia Institute of Technology) at the Georgia Institute of Technology ...