The Principles Of Risk Management

These seven principles provide a framework to accomplish effective risk management. These principles are embodied within our risk management products and services which addresses the need to establish a baseline set of risks in a project or program, the need to create and implement a continuous process for the effective management of risk, and the need to include all parts of the program (contractors, customers, etc.) in the joint management of risks.

Global perspective
  • Viewing software development within the context of the larger systems-level definition, design, and development.
  • Recognizing both the potential value of opportunity and the potential impact of adverse effects.
  • Forward-looking view
  • Thinking toward tomorrow, identifying uncertainties, anticipating potential outcomes.
  • Managing project resources and activities while anticipating uncertainties.
  • Open communication
  • Encouraging free-flowing information at and between all project levels.
  • Enabling formal, informal, and impromptu communication.
  • Using processes that value the individual voice (bringing unique knowledge and insight to identifying and managing risk).
  • Integrated management
  • Making risk management an integral and vital part of project management.
  • Adapting risk management methods and tools to a project's infrastructure and culture.
  • Continuous process
  • Sustaining constant vigilance.
  • Identifying and managing risks routinely through all phases of the project's life cycle.
  • Shared product vision
  • Mutual product vision based on common purpose, shared ownership, and collective communication.
  • Focusing on results.
  • Teamwork  
  • Working cooperatively to achieve common goal.
  • Pooling talents, skills, and knowledge.
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    For More Information

    Customer Relations
    Software Engineering Institute
    Carnegie Mellon University
    4500 Forbes Avenue
    Pittsburgh, PA 15213-3890
    Phone: 412-268-5800


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    Title:  The Principles of Risk Management
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    URL:  http://www.sei.cmu.edu/risk/principles.html
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