Newly Released Standard for Risk Management

Posted on January 20, 2010 by


Risk is an important topic for project managers. The Project Management Institute (PMI) awards a Risk Management Professional (PMI-RMP) certification and within PMI there is a Risk Management Special Interest Group (SIG). The Project Management Institute has released its official Practice Standard for Project Risk Management. It can be purchased at for $55.95 for non-members and $44.75 for members. This book is consistent with the fourth edition PMBOK® and covers the PMBOK’s risk processes of Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, and Monitor and Control Risks. PMI is clear that this book is meant as a guide for single projects only (not programs or portfolios). Also, it is emphasized that these are general guidelines and specific situations and organizations may need a different approach. I have been reading others’ opinions on this new standard. If you have read it, what are your thoughts?