Every project involves uncertainty and risk. A new standard provides guidelines for managing risks in a project in a systematic and consistent way.
Project risks can be related to the objectives of the project itself or to the objectives of the assets, products, or services the project creates. Risk management includes the coordinated activities to direct and control an organisation with regard to risk.
AS/NZS IEC 62198:2015 Managing risk in projects – Application guidelines describes the principles for effective risk management, the framework that provides the foundations and organisational arrangements for designing, implementing, monitoring, reviewing, and continually improving risk management throughout an organisation and a process for managing risk that can be applied to all types of risk in any organisation. The standard shows how those general principles and guidelines apply to managing uncertainty in projects. It is relevant to individuals and organisations concerned with any or all phases in the life cycle of projects. It can also be applied to sub-projects and to sets of inter-related projects and programmes.