Note: This post is the eighth in a series reviewing the updates in each of the 10 Knowledge Areas (KA) in the new A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) Fifth Edition If you want the big picture of what’s changed in the 5th Edition, check out this earlier post.
So, what’s different in Risk Management? Very little in fact. At the process level, one process has been renamed. Monitor and Control Risk is now called Control Risks (for consistency in naming rather than a change in intent of the process).
And that’s really it. A little more clarity has been provided in relationship to documenting the project’s risk profile, through risk appetite, tolerance and thresholds. Also, the concept of “positive risk” has been renamed “opportunity” to better align with industry terminology.
Bottom line, not a lot of changes in this KA. Therefore if you understood Risk Management in the 4th edition, there’s really nothing new you need to know to be equally proficient with the 5th edition.
PMBOK® Guide is a registered mark of the Project Management Institute, Inc.