The Standard for Risk Management in Portfolios, Programs, and Projects

by Project Management Institute

This is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions may occur with impacts on project, program, and portfolio objectives. This standard identify the core principles for risk management; describe the fundamentals of risk management and the environment within which it is carried out; define the risk management life cycle; and apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders and business consumers of risk management, and other stakeholders.

Genres: Management

186 pages, Kindle Edition

Published February 3, 2022

Reviews

[Cristian Soto · Rating 4 out of 5]

Very complete risk management techniques book

[Bassam Ahmed · Rating 3 out of 5]

"The Standard for Risk Management in Portfolios, Programs, and Projects" is one of PMI issued standards which address the subject of Risk Managment in different managment levels, by promoting PMI methodology and its perspective on best practices in this field, it was issued by Project Management Institute (PMI) on 2019.

This Book considered as the main reference for the Risk Management Professional (RMP-PMI) certificate's exam, which was the main reason for me to read it.

It do represent a basic & general  approach to risk management in the Enterprise, Portfolio, Program and project levels, where it suitable professionallay as an Introduction level that will contribute to the creation of the right mindset and clarification of the main terminologies, in addition to provide (theoretically) an adequate guidance for practitioners.

The book came short on these points:
- The repetition of the content and the unnecessary explanation on the content (somehow it seems like they just expand the risk management chapter in PMBOK 6 in to becoming a book)
- The book is not addressing the situational aspect of risk management, it is too basic and theoretical in a sense, that additional readings are required for more practical and innovative appoach and/or more comprehensive understanding.
- The Book do not include activities, exercises nor exam like questions for practice and for enhancing knowledge retention.

Overall it is important to be aware of the will recognized international Standards such as this book, but you need on the other hand to think of it a starting point not one of the final destinations, when it comes to the objective of promoting your risk management skills, knowledge and capabilities.

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Quotes:

"The primary purpose of risk managment in the creation and protection of the value" P.11

"Structural Risks are risks associated with the composition of a group of projects and the potential interdependencies among components." P.14

"The Risk Management Plan describes the relationships among the risk management processes; general portfolio, program, or project management; and management process in the rest of the organisation." P.30

"The risk owner is the individual responsible for monitoring the risk and for selecting and implementing an appropriate risk response strategy. It is the responsibility of the risk owner to manage the corresponding risk throughout the subsequent risk management
processes." P. 32

"portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives." P. 41

[Davina · Rating 4 out of 5]

Maybe I've read enough of these, that I found this pretty readable. It's not an action-packed novel, by any means, but it does a decent job covering the subject. This could go in to a lot more depth. This will not teach you how to effectively do Risk Management, as we talk about things like Monte Carlo simulations, but there isn't enough there for you to replicate on your own, but that's not the point. Hope it helps with my PMP exam.

[Tania Rose · Rating 5 out of 5]

Easy to read - logical and well explained