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(RISK-944) Common Errors in Dealing with Project Risks

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Primary Author: Mr Joseph Arthur Lukas PE CCE PMCentersUSA

Audience Focus: Basic
Application Type: Experience-Based
Venue: 2012 AACE International Annual Meeting, San Antonio, TX, USA

Abstract: Unfortunately, many people using risk management do not fully understand basic risk concepts and therefore utilize incorrect techniques in preparing and implementing risk management plans. The author has reviewed and critiqued client risk management process and procedures, along with risk management plans for projects, and the same mistakes reoccur on a regular basis.

Based on these reviews, this paper will present the top ten errors people make in dealing with project risks and how these mistakes greatly reduce the value of risk management. The author has also done numerous projects where risk management was successfully used, and this paper will also discuss effective risk techniques that should be used on all projects. If you think you know how to deal with project risks, read this paper to see if you are making any of these common errors. You may be surprised!