Unfortunately, many people using risk management do not fully understand basic risk concepts and therefore use incorrect techniques in preparing and implementing risk management plans. The author has reviewed and critiqued client risk management process and procedures, along with risk management plans for projects, and the same mistakes reoccur on a regular basis. Based on these reviews, this article will present the top ten errors people make in dealing with project risks and how these mistakes greatly reduce the value of risk management. The author has also done numerous projects where risk management was successfully used, and this article will also discuss effective risk techniques that should be used on all projects. If you think you know how to deal with project risks, read this article to see if you are making any of these common errors. You may be surprised! This article was first presented as RISK.944 at the 2012 AACE International Annual Meeting in San Antonio, Texas.
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