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to personal rights and interests sometimes. And in fact, taking risks does have possibility to bring the unacceptable loss to individuals or organizations, so should people try to avoid or shun risks? In my opinion, risks exist everywhere in our life, and we always undertake risks when we making decision. Also, taking risks has both good and bad side, for example, if we made a successful high-risk investment, we can gain larger profits than investing a low-risk one, and vice versa.

In the view from project management, risks are those uncertain things that may happen during the period of projects. As a project manager, one of the responsibilities is to be able to see where the uncertainty is and help the company reduce the opportunity of being affected by the disaster. Therefore, knowing ‘how to make a good risk management plan’ is a worthy capability to develop. Project risk management is defined by the Project Management Body of Knowledge (PMBOK, 2008, p.273) as ‘the processes conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project risk. Its objectives are to increase the probability and impact of positive events, and decrease the probability and impact of negative events in the project’. This essay will discuss about the interactions within risk management process and the project lifecycle (PLC).

Risk management process.

In order to minimise the impact of risks, all the potential risks and disasters should be considered before decision making. Risk management is the process of consideration which it is very important to project manager. According to PMBOK (2008), the risk management process includes six steps: planning, identifying, qualitative and quantitative analysing, responding, monitoring and controlling.

The first stage is risk management planning. It is a process designed for implement management activities in practice, find out the direction of the project, setting objectives and predict the future uncertainties and difficulties. The identification of objectives, scope, schedule, cost, etc often involve in the planning process. In addition, planning is important to the resource and time management of a project, a project manager should have the concept of budget, resources and schedule. Furthermore, a good risk management planning should start at the beginning of the project and it will be a basement of later risk analysing. However, in this step, it should be noticed that if people think too much and spend too much time to assume some risks that could never happened, it will cause the waste of time.

The next stage is risks identifying, in this stage, some risks are identified as the threats for achieving the objectives among all the risks from previous anticipation, and the characteristics of these risks are recorded. There can be many people involve in, such as project manager, project members, clients, experts, and so on, but the participators should depend on the real situation of the project processing. In fact, this process is repeated because with the project processing, new risks may occur or be found. In this stage, too many people participating at the same time will cause inefficiency, and the format of describing the risks events should be fixed in order to compare with each other more conveniently.

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