How does the PMBOK relate to risk management?

The 411 on PMBOK

In risk management, there is an alphabet soup of acronyms when it comes to processes, best practices and guiding principles. ERM, ISO, COSO – it can sometimes seem as though risk managers communicate in code. The good news: we’re here to serve as your decoder ring.

Decoding PMBOK
PMBOK is an acronym for the Project Management Body of Knowledge, a set of standard terminology and guidelines for project management. The Project Management Body of Knowledge is published by the Project Management Institute (PMI) – a US nonprofit professional organization for project management – and is currently in its fifth edition.

How does the PMBOK relate to risk management?
One of the knowledge areas covered in the PMBOK is Project Risk Management. As Rupen Sharma, PMP, of Bright Hub Project Management says, the PMBOK includes both “tools and techniques defined by the PMI that can help you manage risks more effectively.”

Specifically, the Project Risk Management knowledge area consists of these processes:
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Monitor and Control Risks

We know PMBOK
At Pro-Concepts, the  Project Management Body of Knowledge is one of the many sets of guidelines and standards we follow to ensure that we are providing clients with products and services that are (a.) based on best practices, and (b.) rooted in research and innovation. We understand that risk management and project management are interdependent and both critical to the efficiency and fiscal health of an organization. You don’t have to be an expert in Risk Management, because we are.

Contact us today to discover the Pro-Concepts difference and learn more about our guiding principles and mission. You can also visit our Risk Highlights for updates and announcements as we continue to innovate in risk management.

For more information about  Risk Management call  Pro Concepts at 757-637-0440.