I like the key concept - All Project Management is Risk Management. If there is no risk at all, all projects will be done on time. Risk is the key reason and probably the only reason which block the project or delay it.
The first step to do risk management is to identify the risks. I should say this is the most essential step. If we miss any potential risk and such risk may ruin the schedule. Project will turn to disaster.
The second key step is to use a risk profile. Using others experience is a smart way to do thing right. There are industry-specfic, organization-specific, product and management risks. Outside consultants may bring in industry-specific risk profile. However other risk profiles should be pointed out from insiders.
The third key step is to use probability theory to prioritize risks and we can rely on the result to prepare our response plans.
Prioritize risk by severity.
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