PRACTICE STANDARD FOR PROJECT RISK MANAGEMENT

The Practice Standard for Project Risk Management covers risk management as it is applied to single projects only. It does not cover risk in programs or portfolios. This practice standard is consistent with A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Fourth Edition and is aligned with other PMI practice standards. Different projects, organizations and situations require a variety of approaches to risk management and there are several specific ways to conduct risk management that are in agreement with principles of Project Risk Management as presented in this practice standard.