Organize the management of project risks and opportunities; evaluate them

However, the nature of risk management, its scope, the essential and optional stakeholders involved, and its relationship with other aspects of risk management, such as operational safety, are often unclear. In particular, the offensive nature of risk management (opportunity management and risk-taking), the project-specific application of generic recommendations (risk policy) specific to the organization, the suitability of tools to the context, and the operational effectiveness of possible responses are all weak points in the practice of project risk management.

A risk has three major components:

• an event ;

• a probability of occurrence ;

• the impact of this event (financial in particular).

Risk can be positive (opportunity) or negative.

It's important to assess the project's risks and opportunities (R&O), as suggested by the PMI (Project Management Institute), using qualitative and quantitative analysis where necessary.

This practical guide provides clarification and guidance for defining and evaluating a project's risk and opportunity management plan (MROP).