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The Project Management Body of Knowledge (PMBOK) is a set of standard terminology and guidelines (a body of knowledge) for project management.The body of knowledge evolves over time and is presented in A Guide to the Project Management Body of Knowledge (PMBOK Guide), a book whose seventh edition was released in 2021.
Risk management activities are applied to project management. Project risk is defined by the Project Management Institute (PMI) as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives." [1]
Modern project management school recognize the importance of opportunities. Opportunities have been included in project management literature since the 1990s, e.g. in PMBoK, and became a significant part of project risk management in the years 2000s, [16] when articles titled "opportunity management" also begin to appear in library searches.
The Project Management Star per PMBOK Interpretation of Triangle Model Interpretation of Star Model, note that the "risk" and "quality" are swapped Traditionally the Project Constraint Model recognised three key constraints; "Cost", "Time" and "Scope".
Currently, the Project Management Institute (PMI r) has a team of SMEs working on a Practice Standard for Risk Management. This team has identified one very good tool: the Risk Breakdown Structure (RBS). The RBS helps the project manager, the risk manager, and almost any stakeholder to understand, and therefore be able to identify and assess risk.
3. Better Productivity. Project management is important because it ensures there’s a proper plan that outlines a clear focus and objectives to allow the team to execute on strategic goals.