Most project management methodologies today have sections on risk management. The project management methodology may very well dictate the magnitude of the risk control measures to be undertaken. The risk control measures for risk assumption may be significantly more complex than risk control measures for avoidance.
Figure below shows the intensity of the controls versus the intensity of the risks. As the intensity of the risks increase, we tend to place more controls in the risk management process and the project management methodology. Care must be taken that the cost of maintaining these control measures does not overly burden the project. Time and money are required for effective risk management.
Risk control measures:
Excessive controls may require that the project manager spend more time performing risk management rather than actually managing the project.
How to determine the proper amount of risk control measures is not easy. This can be seen from Figure below, which illustrates the impact on the schedule
constraint. If not enough control measures are in place, or if there simply is no risk management plan, the result may be an elongated schedule due to ineffective risk control measures. If excessive risk control measures are in place, such as too many filters and gates, the schedule can likewise be elongated because the workers are spending too much time on contingency planning, risk reporting, documentation, and risk management meetings (i.e., there may be too many gates).
This results in very slow progress being made. A proper balance is needed.
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