Risk management standards for P5M

Abstract

Risk can be managed, minimized, shared, transferred or accepted but it cannot be ignored. An effective and efficient risk management approach requires a proper and systematic methodology and, more importantly, knowledge and experience. Risk management are coordinated activities to direct and control an organization with regard to risk. Based on this definition, project risk management can be derivatively defined as coordinate activities to direct and control a project with regard to risk. In this way, it becomes an integral part of every aspect of managing the project. The goal of this paper is to present and compare the main standards for project risk management that are currently available today. Five international standards recognized world-wide were selected for comparison PMI, PRINCE2, IPMA, ISO 31000 and IEC 62198.