Two Polar Concept of Project Risk Management

The state-of-the art of Risk Management Process (RMP) has primarily relied on two main phases, (a) Risk Assessment and (b) Risk Response. Most of these studies have had a significance emphasis on risk assessment but we can find a limited study on the subject of risk response. So, the main objective of this research study is to emphasize on the indispensable shift of our perspectives at the present time to a more “Equilibrant” RMP, both for risk assessment and risk response. Based on this view, this paper proposes a two-polar generic RMP framework for projects and introduces some new elements. It can be concluded that a two-polar perspective proposed in this research study can be used for risk management projects in most effective and productive manner in real world’s problems. We require managing risks, related to our projects. The need for project risk management has been widely recognized1 but it is generally overlooked, from concept to completion. “Sadly, many organizations do not know much about risk management and do not even attempt to practice it.” Project risk management has been defined as the art and science of identifying, assessing, and responding to project risk throughout the life of a project and in the best interests of its objectives. The main objective of this chapter is to emphasize on the indispensable shift of our perspectives at the present time to a more “Equilibrant RMP.” For this purpose, after looking at some RMPs in the state-of-the art, the paper introduces the concept of “Equilibrium” in RMP and proposes a two-polar generic framework for RMP.