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(RISK-2249) Practical Integration of Risk Management and Quality Management Processes

Primary Author: David A. Norfleet, CCP CFCC DRMP
Audience Focus: Intermediate
Application Type: Research
Venue: 2016 AACE International Annual Meeting, Toronto, ON, Canada

Abstract: Ensuring the output meets an acceptable level, i.e. detecting, preventing, and correcting unwanted outcomes, is an integral part of quality management. It focuses toward failure to achieve objectives. Risk management is the process of identifying, assessing, and mitigating potential sources of failure to achieve objectives. Risk management is concerned with the effect of uncertainty and its focus is not on the objectives, but on the risk of achieving those objectives.

The Project Management Triangle (Iron Triangle) is a model of scope, time, and cost, where scope is often interchangeable with quality. It graphically illustrates that success is measured by management’s ability to meet expected objectives while managing time and cost. Risk management measures the effect of uncertainty using time and cost. Quality management can play an integral role in that process. This role can be reversed with quality management being the recipient.

The International Organization for Standardization (ISO) intends to explicitly integrate the commonality within risk management and quality management processes through ISO 9001-2015. This paper will present practical ways such integration may be accomplished.