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Integrated Reliability Evaluations

Most businesses have a risk management strategy to ensure project management success. In a PMI study, 86 percent of organizations reported using risk management practices sometimes, always or often.

In principle, a small business’s risk management approach should be fairly static, but projects and their inherent risks can differ in scope and impact—so in practice, it can be difficult for organizations to apply a standard risk management strategy evenly across all projects.

Adding to this difficulty? The fact that risk management is often incorrectly practiced as just one step within project planning.

It’s imperative that your small to midsize business (SMB) include risk management at every stage in the project life cycle. Otherwise, you run the risk of jeopardizing your project and adding to the rich history of flawed product launches.

This article sheds light on how project risk management should really be practiced, and then it highlights seven software tools businesses can use to better incorporate risk management strategies into their existing project management processes.