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Practical Project Risk Management, Third Edition: The ATOM Methodology
This second edition of the book reflects the authors’ work to continually improve upon the model and to apply the methodology to a broader range of issues. The book includes: • An entirely new chapter on managing risk in programs, which is an important dimension in today’s world of ever more complex initiatives • Updated material and methodology more closely aligned with relevant international standards • Emphasis on minimizing the threats and maximizing the opportunities to optimize achievement of your project goals Based on sound principles and best practices, this book guides any member of the project management team in conducting risk management in a real-world environment.
292 pages, Paperback
First published August 24, 2007
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Displaying 1 - 3 of 3 reviews
April 29, 2022
The book is the third edition of one of the most recognised Risk Management standard books which was written by David Hillson and Peter Simon and published on 2020, titled "Practical Project Risk Managment (The ATOM Methodology)".
I came cross this book in my endeavor to study and apply for the PMI Risk Management Profissional Certificate (PMI-RMP) Exam, where this book was one of the recommended references.
The book do interduce a comprehensive methodology and processes for project risk management (which can be tailored to address program's and portfolio's risk management as well), a methodology which is both scalable and practical.
Having going through several Risk Standard management books (including PMI Standard titled: "The Standared of Risk Management in Portfolios, Programs and Projects"), I can say that the Active Threats and Opportunity Management (ATOM) book approach, content and sequence of Chapters, compared to the other standards, is both easy to understand & comprehend, and to practically implement in wide range of organisations.
In addition the book do include a lot of practical examples, important illustration graphes, very useful templates, and, equivalently important, informative comparison and links to the other equivalent current international risk management standards.
In my opinion the authors successfully achieved thier objectives by proofing the importance of risk management to any organisation and its strategic value, issue a relatively comprehensive risk management standard that can be useful for any professional whom seeking to study and/or obtain knowledge about the subject, and provide a practical and ready to apply model of risk management process that could be fairly easy (in comparison with equivalent alternatives) to adopt and implement.
I do not say it is the best or most perfect practic and methodology, and sure there is a great area for future development, specifically in the area of Portfolio's and programme's risk management, yet it is highly recommended and highly usful book to read.
Quotes:
"Risk management focuses on addressing proactively the implications of uncertainty on the achievement of project objectives."
P. 1 A.P
"We call this methodology Active Threats and Opportunity Management (ATOM), reflecting our belief that risk management is about taking action and that risk management must be targeted equally at both downside risk (Threat) and upside risk (Opportunity)." P.1 A.P.
"Where risk management is well implemented more projects meets thier objectives (using a composite performance measure for schedule and cost, projects in organisations reporting "fully adequate" risk management completed on average at 95 percent of plan)." P. 8
"Risk management critical Success Factors CSFs:
- A supportive organisation.
- Competent people.
- Appropriate supporting infrastructure.
- A simple to use, scalable and documented process." P. 12
"The preferred risk attitude for an organisation is neither risk averse nor risk seeking, rather, it is risk mature." P. 23
"Culture is the total of the shared beliefs, values and knowledge of a group of people with a common purpose." P. 24
"The Active Threat and Opportunity Management (ATOM) process is composed of the following eight steps:
1- lnitiation.
2- Identification.
3- Assessment.
4- Respons planning.
5- Reporting.
6- Implementation.
7- Review.
8- Post project review." P. 29
"The main difference is that ATOM is not a standard. Instead it is a practical method that describes how to do risk management for a real project, rather than theoretical framework or set of principles." P. 41
"Projects are undertaken for two reasons - creating project deliverables and increasing organizational learning - and the post project review step is an essential contributor to meeting the second aim." P. 142
"The S-Curve allows analyses of the combind effect of both estimating uncertainty and explicit risk on objectives." P. 200
"Major organizations have started to think about how to manage projects, programs and portfolios in an integrated way, through method that is sometimes called P3M." P. 229
I came cross this book in my endeavor to study and apply for the PMI Risk Management Profissional Certificate (PMI-RMP) Exam, where this book was one of the recommended references.
The book do interduce a comprehensive methodology and processes for project risk management (which can be tailored to address program's and portfolio's risk management as well), a methodology which is both scalable and practical.
Having going through several Risk Standard management books (including PMI Standard titled: "The Standared of Risk Management in Portfolios, Programs and Projects"), I can say that the Active Threats and Opportunity Management (ATOM) book approach, content and sequence of Chapters, compared to the other standards, is both easy to understand & comprehend, and to practically implement in wide range of organisations.
In addition the book do include a lot of practical examples, important illustration graphes, very useful templates, and, equivalently important, informative comparison and links to the other equivalent current international risk management standards.
In my opinion the authors successfully achieved thier objectives by proofing the importance of risk management to any organisation and its strategic value, issue a relatively comprehensive risk management standard that can be useful for any professional whom seeking to study and/or obtain knowledge about the subject, and provide a practical and ready to apply model of risk management process that could be fairly easy (in comparison with equivalent alternatives) to adopt and implement.
I do not say it is the best or most perfect practic and methodology, and sure there is a great area for future development, specifically in the area of Portfolio's and programme's risk management, yet it is highly recommended and highly usful book to read.
Quotes:
"Risk management focuses on addressing proactively the implications of uncertainty on the achievement of project objectives."
P. 1 A.P
"We call this methodology Active Threats and Opportunity Management (ATOM), reflecting our belief that risk management is about taking action and that risk management must be targeted equally at both downside risk (Threat) and upside risk (Opportunity)." P.1 A.P.
"Where risk management is well implemented more projects meets thier objectives (using a composite performance measure for schedule and cost, projects in organisations reporting "fully adequate" risk management completed on average at 95 percent of plan)." P. 8
"Risk management critical Success Factors CSFs:
- A supportive organisation.
- Competent people.
- Appropriate supporting infrastructure.
- A simple to use, scalable and documented process." P. 12
"The preferred risk attitude for an organisation is neither risk averse nor risk seeking, rather, it is risk mature." P. 23
"Culture is the total of the shared beliefs, values and knowledge of a group of people with a common purpose." P. 24
"The Active Threat and Opportunity Management (ATOM) process is composed of the following eight steps:
1- lnitiation.
2- Identification.
3- Assessment.
4- Respons planning.
5- Reporting.
6- Implementation.
7- Review.
8- Post project review." P. 29
"The main difference is that ATOM is not a standard. Instead it is a practical method that describes how to do risk management for a real project, rather than theoretical framework or set of principles." P. 41
"Projects are undertaken for two reasons - creating project deliverables and increasing organizational learning - and the post project review step is an essential contributor to meeting the second aim." P. 142
"The S-Curve allows analyses of the combind effect of both estimating uncertainty and explicit risk on objectives." P. 200
"Major organizations have started to think about how to manage projects, programs and portfolios in an integrated way, through method that is sometimes called P3M." P. 229
June 16, 2022
very informative and lean approach to explain risk management .
it is reccomended from PMI for the exams RMP
it is reccomended from PMI for the exams RMP
November 17, 2014
Very practical and understandable.
Read this book when my school textbook failed to address risk management in an understanding way. Very good book for overall risk management.
Read this book when my school textbook failed to address risk management in an understanding way. Very good book for overall risk management.
Displaying 1 - 3 of 3 reviews