Managing project risks and opportunities (MDR)

When the Institut pour la sûreté de fonctionnement became the Institut pour la maîtrise des risques (IMDR), there was discussion as to whether we could really "control risks", given their often unpredictable nature.

A simple, practical approach: we obviously can't control the future of techno-human systems, given free will, the butterfly effect and other such notions. At best, we can control a (negative) risk in the same way as we control a horse or a feline:

• we have the knowledge and the means to become aware in time of any "abnormal" behaviour: observation and symptoms are the key words;

• the environment in which the trainer-rider-animal system evolves is either partially controllable or constrained (a cage, a riding arena, respect for authority, etc.).

In a project, the use of the word "control" is appropriate: in the end, stakeholders will be more interested in the expected benefits of risk-taking than in the necessary coverage of potential hazards.

This practical guide to the most important risk management process for a project manager outlines the essential elements to be put in place, as well as the minimum requirements for risk players. It considers risk threats as well as risk opportunities: there can be no project without risk-taking.