From the course: Strategic Project Risk Management
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How project risk management has evolved
From the course: Strategic Project Risk Management
How project risk management has evolved
- Do you know where your organization is on the maturity spectrum of project risk management? It's like knowing the depth of water before diving in. It helps you gauge your readiness to handle project uncertainties, and act accordingly. I would like to introduce the spectrum marked by four levels of project risk management, or PRM. I identified these maturity levels based on the evolution of project risk management I have personally observed over the last 40 years of my career. First, let's start with the era of PRM 0.0. The early days. Going back to the late 70s and 80s, project risk management was almost never heard of unless you worked for NASA or some large government funded difference project. Then came the 90s, a time for PRM 1.0. The tactical approach. During this period, technology grew more complex, and projects expanded to a global scale. This increased the risk of project delays, and the cost of overruns, leading to potential project failures. So we took a tactical…
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