Project risk management can reduce the cost of having to resolve project issues, as well as improving the accuracy of defining schedule and cost contingencies. Unfortunately most approaches to project risk management are theoretical and require the availability of supporting historical data. This can result in resistance from project sponsors and project teams to applying these practices in a consistent manner.

A practical approach to project risk management needs to balance the value provided by this discipline against the costs of its execution. The overall risk of a project is evaluated when a request is submitted and a finite portfolio of specific risk events is assessed and managed over the project’s lifecycle. Eclipse Project Portfolio Management can provide support for a practical risk management methodology by capturing overall project risk scores during the project intake process, and then tracking and reporting on project risks over the lifetime of the project.

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