Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project

by Tom Kendrick

Projects—especially complex ones—are inherently risky. Between time constraints, technical challenges, and resource issues, things can easily go wrong—making the identification of potential risks an essential component of every project manager's job. Fully updated and consistent with the Risk Management Professional (RMP) certification and the Guide to the Project Management Body of Knowledge (PMBOK®), Identifying and Managing Project Risk remains the definitive resource for project managers seeking to guard against failure. Drawing on real-world situations and hundreds of examples, the book outlines the risk management process and provides proven methods for project risk planning. Readers will learn how to use high-level risk assessment tools, implement a system for monitoring and controlling projects, and properly document every consideration. Analyzing aspects such as project scope, available resources, and scheduling, the third edition also offers fresh guidance on program risk management, qualitative and quantitative risk analysis, simulation and modeling, and significant "non-project" risks. This practical book will help readers eliminate surprises and keep projects on track.

Genres: Business, Management, Nonfiction

354 pages, Hardcover

First published April 25, 2003

About the author

TOM KENDRICK has over 35 years of project and program experience, including senior positions with Hewlett-Packard and Visa. He is a certified Project Management Professional (PMP®) and the author of several highly respected project management books, including Identifying and Managing Project Risk.

Reviews

[Mohammed Barakat · Rating 4 out of 5]

This book is excellent in several perspectives; it walks you through detailed steps in managing project risks, and, at the same time, it relates contents to real life by mapping risk management to one of the world’s most difficult projects, Panama Canal.

In a well-structured, properly written and easily understood format, Tom Kendrick explains how to identify, analyze, plan responses for, and control project risks. Using project’s triple constraints (scope, schedule and resources/cost) as a road map, the book breaks down the risk management efforts into manageable pieces. It provides various down-to-earth tools and techniques to bring failure-prone projects to success.

I like how the book maps each chapter’s contents to pitfalls or successes that took place during the Panama Canal project in the early twentieth century. In addition to that, I like how, throughout the book, Kendrick stresses on prudent change management and effective communication to failure-proof any project.

The appendix of the book is an amazing collection of project risks that have been logged in the Project Experience Risk information Library (PERIL) database. This can be utilized as a starting point for any PM embarking on risk identification in the three dimensions of scope, schedule and resources/cost.

The book is a good reference to any professional who intends to understand how project risks are dealt with, and even for those who are planning to sit for the PMI-RMP exam.

[Elizabeth Harrin · Rating 5 out of 5]

I read the 4th edition (due out January 2024, thank you to the author and publisher for the advance readers copy). It's a big book, with lots of detail, and it can be a bit heavy at times, but there is so much useful stuff in here.
I loved the example of the Panama Canal which carries through the book and is a really good teaching tool for how risk management can be applied in real life. The PERIL database data is insightful and relevant.
I'd recommend this book for students of project management but also practitioners. There is so much more to risk management than making a list of what might go wrong and then assigning someone to keep an eye on it. This book shows you what to do, with examples at each step of the process. There is a full explanation of risk implications for scope, schedule and resources, as well as common risk mitigation strategies that will help you get a head start in knowing what to do about your project risks.
If you've ever wondered how to 'do' risk management, this book will make it completely clear and save you from the headaches of, "If only we'd thought about that in advance."

[Destini_Reads · Rating 5 out of 5]

Identifying and Managing Project Risk is an invaluable guide for any project manager, providing practical strategies to identify, assess, and manage risks effectively. As a technical project manager, this book has significantly enhanced my approach to risk management.

Kendrick’s real-world examples and actionable techniques have helped me be more proactive in planning, adapting proven methods to my specific projects. The book’s coverage of qualitative and quantitative risk analysis, along with simulation and modeling, has been crucial in helping me keep projects stable amid uncertainties. Its emphasis on monitoring and controlling risks has strengthened my oversight and response capabilities, contributing to smoother project execution.

Overall, this comprehensive playbook is a must-have for project managers looking to reduce uncertainty and stay on track—an essential resource for navigating the complexities of our field.

Thanks to NetGalley & HarperCollins Leadership for access to this book in exchange for my honest review.

[Vicente · Rating 4 out of 5]

Really likes this one. Love the Panama Canal case study throughout, and I appreciate the depth it goes into about Risk Management, while still being a good reference text with great examples and lists and guidelines. Practical.

[Mark · Rating 4 out of 5]

Clear, organized, comprehensive. A great reference for project managers and risk managers.

[Nikos Korexenidis · Rating 4 out of 5]

Everything that someone needs to know about project risk
It is recommended from Pmi as material for the exams

[Rachel · Rating 2 out of 5]

It was ok if you are looking to get a basic understanding of setting up projects. But it was not the best read on how you might do so overseas.

[Amacom]

Second Edition coming out February 2009

[Marshciene Moor · Rating 5 out of 5]

The best for a thorough understanding of PM risks! Highly recommended!

[Cynthia · Rating 4 out of 5]

I read it for school. Found it to be useful and informative.

[Jim · Rating 4 out of 5]

Required reading for a class I was taking this book made the usually dry subject of risk planning at least tolarable if not enjoable at times.

[Nestor Jimenez · Rating 3 out of 5]

A little bit dense but its list of risk for each process group and the risk database is great!

[Mace · Rating 4 out of 5]

Required reading for project management classes. A pretty useful book detailing common risks as well as approaches to risk management. Not sure why one would read it outside of a classroom, though.