of different approaches and practices adopted in order to identify and mitigate most common project risks
FEATURED PAPER
By Giuseppe Arcidiacono, PMP, CGEIT, CISM, CISA, CRISC,
ISO/IEC 27001 Lead Auditor
Calabria, Italy
ABSTRACT
This paper aims to collect, analyse and study the best practices adopted in order to identify and mitigate most common project risks by comparing some of the most interesting articles retrieved in the current literature around the world.
The analysis aims to help practitioners to acquire more awareness about project risk management that unfortunately remains an undeveloped discipline while it should become a key activity in every project and should be integrated during all phases of project management, from starting to the very end.
For every source, the present document report in a table the risks identified by the original researcher together with descriptions and mitigation actions proposed in his/her work.
INTRODUCTION
According to the PMBOK Guide, sixth edition, the objectives of project risk management are to increase the probability and/or impact of positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the chances of project success.
PMI also states in the “Practice standard for Project Risk Management” that Project Risk Management is a valuable component of project management and it enhances the value of the other project management processes.
Project Risk Management should be conducted in a manner consistent with existing organizational practices and policies, in a way that is appropriate to the project, and should recognize the business challenges as well as the multi-cultural environment associated with an increasingly global environment including many joint venture projects and customers, suppliers, and workforces spread around the globe.
Identifying and properly addressing risks has become, for several reasons, a troubled process in modern Project Management and many risks recur often in many projects; for this reason many scientific articles, papers and books have analysed and studied the most common risks occurring during project’s life cycle with the goal to give to project manager proper tools and workarounds.
The present paper aim to compare different approaches to project risk and different lists of project risks created by several authors with the objective to give a holistic vision of the most important and common risks actually faced around the world.
The 7 Common Project Management Risks reported by JetRuby Agency
JetRuby Agency gives an interesting picture of project management risks in the web article https://expertise.jetruby.com/7-common-project-management-risks-and-how-to-avoid-them-2395f3af9cab, in which the authors have gathered and commented some of the most common project management risks that may occur during project implementation and how to avoid them.
In the following table, risks and descriptions are reported along with JetRuby’s general considerations about project risk management.
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How to cite this paper: Arcidiacono, G. (2020). Analysis, comparison and evaluation of different approaches and practices adopted in order to identify and mitigate most common project risks; PM World Journal, Vol. IX, Issue V, May. Available online at https://pmworldlibrary.net/wp-content/uploads/2020/04/pmwj93-May2020-Arcidiacono-analysis-of-most-common-risk-management-practices.pdf
About the Author
Giuseppe Arcidiacono
Calabria, Italy
Giuseppe Arcidiacono, PMP, CISM, CISA, CGEIT, CRISC, ISO/IEC 27001 Lead Auditor is an Italian Computer Engineer, member of ISACA.
Graduated with honours from the University of Calabria, Giuseppe holds two post-graduate master’s degrees in “Public Management” and in “Governance, Audit and Control System for Public and Private Organizations”.
He holds the following international certifications:
- PMP – Project Management Professional – PMI (Project Management Institute);
- CISA – Certified Information System Auditor – ISACA;
- CISM – Certified Information Security Manager – ISACA;
- CGEIT – Ceritified in Governance of Enterprise IT;
- CRISC – Certified in Risk and Information Systems Control.
- ISO/IEC 27001 Lead Auditor
Giuseppe has working in Project Management since 2003 and is specialized in the European Commission Project Management Framework based on PCM (Project Cycle Management).
Giuseppe is author of several scientific articles about Governance of IT (GEIT), Information Security Management and Audit, and Project Management published in prestigious international Journals and Blogs.
Since 2008 Giuseppe is the Head of IT Department in ARCEA, Agenzia della Regione Calabria per le Erogazioni in Agricoltura (http://www.arcea.it), an European Commission Accredited Paying Agency (pursuant to Reg (UE) 907/2014).
He has worked as IT Auditor, IT Risk Practioner and CEO – consultant for many Italian enterprises. Previously, Giuseppe worked as IT Project Manager in several international IT projects.
Giuseppe can be contacted at: arcidiaconog@gmail.com
