{"id":385,"date":"2019-06-05T14:12:00","date_gmt":"2019-06-05T19:12:00","guid":{"rendered":"https:\/\/projectmanagementacademy.net\/resources\/?p=385"},"modified":"2022-09-01T10:52:31","modified_gmt":"2022-09-01T15:52:31","slug":"how-to-apply-risk-management-in-your-projects","status":"publish","type":"post","link":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/","title":{"rendered":"How to Apply Risk Management in Your Projects"},"content":{"rendered":"\n<p>According to PMI&#8217;s <em>A Guide to the Project Management Body of Knowledge<\/em> (<em>PMBOK<\/em><sup>\u00ae<\/sup><em> Guide)<\/em>, every project is \u201ca temporary endeavor undertaken to create a unique product, service or result.\u201d It goes on to say, \u201cthe end is reached when the project\u2019s objectives have been achieved \u2026\u201d<sup>1<\/sup> &nbsp;Since the endeavor is unique and has, by definition, never been done before, there is an element of uncertainty, and in that uncertainty, there is risk.&nbsp;It can be difficult to avoid risks altogether, but it\u2019s possible by planning for them and mitigating their effects on your final product or service if they happen. Risk management is an essential component of every project.<\/p>\n\n\n\n<!--more-->\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>On this page:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#uncertainty\">Uncertainty in Risk<\/a><\/li><li><a href=\"#Plan-for-Risk-from-the-Start\">Plan for Risk from the Start<\/a><\/li><li><a href=\"#Prioritize-Risk\">Prioritize Risk<\/a><\/li><li><a href=\"#Mitigating-Risk\">Mitigating Risk<\/a><\/li><li><a href=\"#Be-Vigilant\">Be Vigilant<\/a><\/li><\/ul>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-2 wp-block-columns-is-layout-flex\" style=\"background-color:#e9f7ff\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:40%\">\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/e360-media.s3.amazonaws.com\/2022\/02\/07154948\/7-Secrets-Thumbnail-2022-809x1024.png\" alt=\"\" class=\"wp-image-5030\" width=\"309\" height=\"391\" srcset=\"https:\/\/e360-media.s3.amazonaws.com\/2022\/02\/07154948\/7-Secrets-Thumbnail-2022-809x1024.png 809w, https:\/\/e360-media.s3.amazonaws.com\/2022\/02\/07154948\/7-Secrets-Thumbnail-2022-237x300.png 237w, https:\/\/e360-media.s3.amazonaws.com\/2022\/02\/07154948\/7-Secrets-Thumbnail-2022-768x972.png 768w, https:\/\/e360-media.s3.amazonaws.com\/2022\/02\/07154948\/7-Secrets-Thumbnail-2022.png 1010w\" sizes=\"auto, (max-width: 309px) 100vw, 309px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\" id=\"block-eef25254-e22e-41f6-826b-cab064e3d095\"><strong>7 Secrets to Passing the PMP\u00ae Exam<\/strong><\/p>\n\n\n\n<p id=\"block-14690051-2796-4b03-bcb7-95d54bd01fcd\"><em>Learn the secrets to passing the PMP\u00ae exam on your first try.<\/em><\/p>\n\n\n\n\n\t\t\t\t\t<script>\n\t\t\t\t\t\thbspt.enqueueForm({\n\t\t\t\t\t\t\tportalId: 3294842,\n\t\t\t\t\t\t\tformId: \"4091cf73-280a-4cd8-be87-aec72cada392\",\n\t\t\t\t\t\t\ttarget: \"#hbspt-form-1776460097000-1078814613\",\n\t\t\t\t\t\t\tregion: \"na1\",\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t});\n\t\t\t\t\t<\/script>\n\t\t\t\t\t<div class=\"hbspt-form\" id=\"hbspt-form-1776460097000-1078814613\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:10%\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"uncertainty\"><strong>Uncertainty in Risk<\/strong><\/h2>\n\n\n\n<p>The<em> PMBOK<\/em><sup>\u00ae<\/sup><em> Guide<\/em> states: \u201cA risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective.\u201d<sup>2 <\/sup>So, if we put these all together, we have a temporary unique endeavor <em>with uncertainty<\/em> which may influence project objectives. And since the project is complete <strong><em>only<\/em><\/strong> when the project\u2019s objectives have been reached, doesn\u2019t it make sense to address and perhaps reduce the amount of uncertainty in the project?&nbsp;<\/p>\n\n\n\n<p>So how do we accomplish this? We do it by looking at the project systematically to figure out where risk is, when could it occur, and how we deal with it proactively. Remember, risk is something that <em>might<\/em> happen, not something which has already happened or definitely <em>will<\/em> happen. So, we are to some extent gazing into a crystal ball. There isn\u2019t enough space in this brief post to address all facets of risk management, so we\u2019ll discuss the most important items.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Plan-for-Risk-from-the-Start\"><strong>Plan for Risk from the Start<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Typically <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/the-biggest-risk-is-ignoring-project-risk-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">planning for risk management<\/a> should begin, as the <em>PMBOK<\/em><sup>\u00ae<\/sup><em> Guide<\/em> says, when the \u201cproject is conceived.\u201d<sup>3<\/sup> Your sponsor should be considering \u2013 at least at a high level \u2013 risks inherent in the project based on their experience. Not only does this get the project team thinking about risk from the beginning, but it also helps establish the risk appetite of the organization for this project. Risk appetite is defined as \u201cthe degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.\u201d<sup>4<\/sup>\u00a0<\/p>\n\n\n\n<p>Once the schedule and budget are developed, it is crucial to get the team into a room and perform risk identification. &nbsp;In this process, you want to have the broadest possible input \u2013 team members, subject matter experts, customers, senior executives, etc.&nbsp;<\/p>\n\n\n\n<p>Using brainstorming &#8211; and with reference to project artifacts such as schedule and budget estimates &#8211; the goal is to identify, without judgment, as many risks as possible. So, for example, on an IT cloud project, a risk may occur where the cloud services are not available or there might be a hacking event.&nbsp;<\/p>\n\n\n\n<p>Typically, the best way to identify risk is to consider what might go wrong and, if you are together in a room, put sticky notes up on a board. (This can be accomplished working virtually as well by sharing screens, taking pictures, etc.) &nbsp;No risk suggestion \u2013 unless it is totally outlandish like being hit by an asteroid \u2013 should be overlooked. &nbsp;(You can also look for opportunities as well, such as sooner time-to-market.)&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center has-medium-font-size\"><strong>Studying for the PMP Exam?<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 is-style-fill\"><a class=\"wp-block-button__link has-white-color has-text-color has-background\" href=\"https:\/\/projectmanagementacademy.net\/free-pmp-questions\" style=\"border-radius:2px;background-color:#366194\" target=\"_blank\" rel=\"noreferrer noopener\">PMP Practice Questions<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Prioritize-Risk\"><strong>Prioritize Risk<\/strong><strong style=\"font-size: 16px; background-color: transparent;\">&nbsp;<\/strong><\/h2>\n\n\n\n<p>Once the team has considered all risks, the next thing is to prioritize them. This is extremely important as not all risks should be treated the same. Ideally, you want to be dealing with the high probability, high impact risks first. Lower probability, lower impact ones can be monitored.&nbsp;<\/p>\n\n\n\n<p>When establishing a risk probability, it is simply a matter of stating \u2013 or having the subject matter expert state \u2013 what the probability is of the risk happening. So, to revisit our previous cloud service example, what is the probability of a hacking event?&nbsp;<\/p>\n\n\n\n<p>The impact can be quantified by estimating the impact on the overall project or to a specific objective such as quality \u2013 low, high, medium. Even better is to provide numbers such as 1 for low impact, 2 for medium impact, and 3 for high impact. Then you can multiply the probability by the impact and give each risk a score. Although it is a subjective score, it is a score nonetheless. I would maintain the more the team has been together and worked on similar projects, the better their guesstimating will be.&nbsp;<\/p>\n\n\n\n<p>You now have the information you need to prioritize the risks. So, let\u2019s say the risk of a hacking event is your highest score, while the risk of your cloud services not being available may be lower. (This is illustrative &#8211; in all likelihood, you will have quite a few.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Mitigating-Risk\"><strong>Mitigating Risk<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Once you have prioritized all the risks, you can decide how to mitigate them. (There are a few options such as avoid, accept, escalate, and transfer &#8211; we\u2019ll stay with mitigate for now.) So how do you mitigate a hacking event? Well, you can perform something called penetration testing in advance.&nbsp; This is where you hire someone to see how easy or hard it is to hack into your network. You can also make sure all the security holes are plugged such as, no easily guessed passwords on any of the devices.&nbsp;<\/p>\n\n\n\n<p>At the end of the day, or even in a few hours, the team should have a fully fleshed out risk register which lays out what might happen, what the probability and impact are of each risk, and how the team would respond should the risks occur. (In the worst-case scenario, the sponsor may decide the project is too risky and cancel it.)&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Be-Vigilant\"><strong>Be Vigilant<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Once you have a risk register \u2013 typically in a spreadsheet \u2013 it should become a living document used at all your project status meetings. &nbsp;Risk should be a topic at every meeting, and the team should be risk aware. They should not only be looking for ways to handle risk but also ways to identify new risks which may occur. Do not put the risk register in a drawer and forget about it. This is risk management in action.&nbsp;<\/p>\n\n\n\n<p>You should understand having a risk register and <a href=\"https:\/\/www.pmi.org\/learning\/library\/practical-risk-management-approach-8248\" target=\"_blank\" rel=\"noreferrer noopener\">applying risk management are not guarantees of project success<\/a>. But managing risk will help you see what\u2019s happening \u201caround the corner\u201d and will certainly increase your chances of project success.<\/p>\n\n\n\n<p><strong>References:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Project Management Institute<em>, A Guide to the Project Management Body of Knowledge (PMBOK<\/em><sup>\u00ae<\/sup><em> Guide) &#8211; Sixth Edition, <\/em>Project Management Institute Inc., 2017, Page 542.<\/li><li>Project Management Institute<em>, A Guide to the Project Management Body of Knowledge (PMBOK<\/em><sup>\u00ae<\/sup><em> Guide) &#8211; Sixth Edition, <\/em>Project Management Institute Inc., 2017, Page 397<\/li><li>Project Management Institute<em>, A Guide to the Project Management Body of Knowledge (PMBOK<\/em><sup>\u00ae<\/sup><em> Guide) &#8211; Sixth Edition, <\/em>Project Management Institute Inc., 2017, Page 397<\/li><li>Project Management Institute<em>, A Guide to the Project Management Body of Knowledge (PMBOK<\/em><sup>\u00ae<\/sup><em> Guide) &#8211; Sixth Edition, <\/em>Project Management Institute Inc., 2017, Page 402<\/li><li>Project Management Institute<em>, A Guide to the Project Management Body of Knowledge (PMBOK<\/em><sup>\u00ae<\/sup><em> Guide) &#8211; Sixth Edition, <\/em>Project Management Institute Inc., 2017, Page 720<\/li><\/ol>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p style=\"font-size:25px\"><strong>Upcoming PMP Certification Training &#8211; Live &amp; Online Classes<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><table class=\"table table-striped table-bordered table-responsive-sm font-md mt-5 mb-0 d-none d-md-table\"><tr><td>Name<\/td><td>Date<\/td><td>Place<\/td><td><\/td><\/tr><\/table>\n<\/div><\/div>\n\n\n\n<p><\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to PMI&#8217;s A Guide to the Project Management Body of Knowledge (PMBOK\u00ae Guide), every project is \u201ca temporary endeavor undertaken to create a unique product, service or result.\u201d It goes on to say, \u201cthe end is reached when the project\u2019s objectives have been achieved \u2026\u201d1 &nbsp;Since the endeavor is unique and has, by definition, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1733,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4,10],"tags":[],"class_list":["post-385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management","category-risk-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Apply Risk Management in Your Projects - Project Management Academy Resources<\/title>\n<meta name=\"description\" content=\"Risk management is essential to every project. Being proactive and understanding the risks associated with your projects can help you avoid costly mistakes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Apply Risk Management in Your Projects - Project Management Academy Resources\" \/>\n<meta property=\"og:description\" content=\"Risk management is essential to every project. Being proactive and understanding the risks associated with your projects can help you avoid costly mistakes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"Project Management Academy Resources\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ProjectManagementAcademy.net\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-05T19:12:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-01T15:52:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Project Management Academy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PM_Academy\" \/>\n<meta name=\"twitter:site\" content=\"@PM_Academy\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Project Management Academy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/\",\"url\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/\",\"name\":\"How to Apply Risk Management in Your Projects - Project Management Academy Resources\",\"isPartOf\":{\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg\",\"datePublished\":\"2019-06-05T19:12:00+00:00\",\"dateModified\":\"2022-09-01T15:52:31+00:00\",\"author\":{\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/#\/schema\/person\/4a267d6569ba739f7eae44a619e5061c\"},\"description\":\"Risk management is essential to every project. Being proactive and understanding the risks associated with your projects can help you avoid costly mistakes.\",\"breadcrumb\":{\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#primaryimage\",\"url\":\"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg\",\"contentUrl\":\"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg\",\"width\":900,\"height\":200,\"caption\":\"how-to-apply-risk-management-in-your-projects\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/projectmanagementacademy.net\/resources\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to Apply Risk Management in Your Projects\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/#website\",\"url\":\"https:\/\/projectmanagementacademy.net\/resources\/\",\"name\":\"Project Management Academy Resources\",\"description\":\"Get the latest industry news, trends, and insights you need to be the most effective Project Manager.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/projectmanagementacademy.net\/resources\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/#\/schema\/person\/4a267d6569ba739f7eae44a619e5061c\",\"name\":\"Project Management Academy\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/e360-media.s3.amazonaws.com\/2021\/06\/24142759\/Project-Management-Academy-Logo-scaled.jpg\",\"contentUrl\":\"https:\/\/e360-media.s3.amazonaws.com\/2021\/06\/24142759\/Project-Management-Academy-Logo-scaled.jpg\",\"caption\":\"Project Management Academy\"},\"sameAs\":[\"https:\/\/projectmanagementacademy.net\/resources\"],\"url\":\"#molongui-disabled-link\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to Apply Risk Management in Your Projects - Project Management Academy Resources","description":"Risk management is essential to every project. Being proactive and understanding the risks associated with your projects can help you avoid costly mistakes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/","og_locale":"en_US","og_type":"article","og_title":"How to Apply Risk Management in Your Projects - Project Management Academy Resources","og_description":"Risk management is essential to every project. Being proactive and understanding the risks associated with your projects can help you avoid costly mistakes.","og_url":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/","og_site_name":"Project Management Academy Resources","article_publisher":"https:\/\/www.facebook.com\/ProjectManagementAcademy.net","article_published_time":"2019-06-05T19:12:00+00:00","article_modified_time":"2022-09-01T15:52:31+00:00","og_image":[{"width":900,"height":200,"url":"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg","type":"image\/jpeg"}],"author":"Project Management Academy","twitter_card":"summary_large_image","twitter_creator":"@PM_Academy","twitter_site":"@PM_Academy","twitter_misc":{"Written by":"Project Management Academy","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/","url":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/","name":"How to Apply Risk Management in Your Projects - Project Management Academy Resources","isPartOf":{"@id":"https:\/\/projectmanagementacademy.net\/resources\/#website"},"primaryImageOfPage":{"@id":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#primaryimage"},"image":{"@id":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#primaryimage"},"thumbnailUrl":"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg","datePublished":"2019-06-05T19:12:00+00:00","dateModified":"2022-09-01T15:52:31+00:00","author":{"@id":"https:\/\/projectmanagementacademy.net\/resources\/#\/schema\/person\/4a267d6569ba739f7eae44a619e5061c"},"description":"Risk management is essential to every project. Being proactive and understanding the risks associated with your projects can help you avoid costly mistakes.","breadcrumb":{"@id":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#primaryimage","url":"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg","contentUrl":"https:\/\/e360-media.s3.amazonaws.com\/2019\/06\/23140602\/how-to-apply-risk-management-in-your-projects.jpg","width":900,"height":200,"caption":"how-to-apply-risk-management-in-your-projects"},{"@type":"BreadcrumbList","@id":"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-apply-risk-management-in-your-projects\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/projectmanagementacademy.net\/resources\/"},{"@type":"ListItem","position":2,"name":"How to Apply Risk Management in Your Projects"}]},{"@type":"WebSite","@id":"https:\/\/projectmanagementacademy.net\/resources\/#website","url":"https:\/\/projectmanagementacademy.net\/resources\/","name":"Project Management Academy Resources","description":"Get the latest industry news, trends, and insights you need to be the most effective Project Manager.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/projectmanagementacademy.net\/resources\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/projectmanagementacademy.net\/resources\/#\/schema\/person\/4a267d6569ba739f7eae44a619e5061c","name":"Project Management Academy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/projectmanagementacademy.net\/resources\/#\/schema\/person\/image\/","url":"https:\/\/e360-media.s3.amazonaws.com\/2021\/06\/24142759\/Project-Management-Academy-Logo-scaled.jpg","contentUrl":"https:\/\/e360-media.s3.amazonaws.com\/2021\/06\/24142759\/Project-Management-Academy-Logo-scaled.jpg","caption":"Project Management Academy"},"sameAs":["https:\/\/projectmanagementacademy.net\/resources"],"url":"#molongui-disabled-link"}]}},"_links":{"self":[{"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/posts\/385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/comments?post=385"}],"version-history":[{"count":10,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/posts\/385\/revisions"}],"predecessor-version":[{"id":6653,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/posts\/385\/revisions\/6653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/media\/1733"}],"wp:attachment":[{"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/media?parent=385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/categories?post=385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/projectmanagementacademy.net\/resources\/wp-json\/wp\/v2\/tags?post=385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}