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Project Risk Management Best Practices

Project Risk Management is an approach to project management that helps reduce the overall risk of a project by researching all possible costs and major risk factors associated with the successful execution of the project, including ensuring it remains within the defined budget.

More about Project Risk Management

Description of Project Risk Management

Project Risk Management is important because it provides stakeholders with an educated estimate of exactly what a project is going to cost and outlines the risk factors that may arise along the way. There are six pieces of information needed in order to determine the overall risk profile of a project:

  • Activity Cost Estimates: estimates on each activity in the project, including labor, materials, equipment, services, facilities, and information technology.
  • Basis of Estimates: Supporting details, including assumptions made in preparation of the estimates and the level confidence the preparer has in each estimate.
  • Scope Baseline: funding constraints put in place by the organization, existing contracts, or government agencies.
  • Project Schedule: this determines the cost over time, such as points along the way when payments are due.
  • Resource Calendars: determines which resources are assigned to the project and when they are available.
  • Contracts: shows exact costs of products or services related to the project.
  • Execution: outlines the specific risk factors involved with executing the project over time.

Managing a project’s overall risk is an important element in obtaining approval for a project, as well as controlling costs of a project over time.

Praxie's Online Project Risk Management Tools & Templates

A specific tool often used for Project Risk Management is a software-based or online spreadsheet to itemize and describe the variables that must be managed and that will contribute to the success of the project. Get started with our Project Risk Management template. 

How to use it: 

  1. List your projects’ details. 
  2. Provide each project’s risk identification factors.  
  3. Enter your quantitative analysis and response strategy.  

Praxie’s online Project Risk Management collaboration tools allows any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.