IEC 62198 pdf download – Project risk management — Application guideline

IEC 62198 pdf download – Project risk management — Application guideline

IEC 62198 pdf download – Project risk management — Application guideline
This International Standard is applicable to any project with a technological content. It mayalso apply to other projects.
lt provides a general introduction to project risk management, its subprocesses andinfluencing factors.These subprocesses are:
– establishing the context,including confirmation of project objectives;
risk identification;
risk assessment, including risk analysis and evaluation;- risk treatment;
review and monitoring;
communication (including consultation);-learning from the project.
Guidelines are provided on the organizational requirements for implementing the process ofrisk management appropriate to the various phases of a project.
lt is recognized that,in certain circumstances,it may be inappropriate to include all theclauses of this standard within a contract. Accordingly,this standard should only beconsidered as forming part of a contract – however that contract may be formed – if theparties to that contract explicitly call upon and refer to this standard (or parts thereof) andrequire it to be included within the contract.
2Normative references
The following normative documents contain provisions which,through reference in this text,constitute provisions of this International standard. For dated references,subsequentamendments to,or revisions of, any of these publications do not apply.However,parties toagreements based on this International standard are encouraged to investigate the possibilityof applying the most recent editions of the normative documents indicated below.For undatedreferences,the latest edition of the normative document referred to applies.Members of lECand lso maintain registers of currently valid lnternational Standards.
IEC 60050(191):1990,International Electrotechnical Vocabulary (EV) – Chapter 191:Dependability and quality of service
IEC 60300-3-3:1996,Dependability management – Part 3-3:Application guide – Life cyclecosting
IEC 60812:1985,Analysis techniques for system reliability – Procedure for failure mode andeffects analysis (FMEA)
IEC 61025:1990,Fault tree analysis (FTA)
ISo 10006:1997,Quality management – Guidelines to quality in project management
For the purposes of this lnternational Standard,the terms and definitions of lEC 60050(191)apply, together with the following.
results of an activity or process which may include service,hardware,processed materials,software or a combination thereof
unique process,consisting of a set of coordinated and controlled activities with start andfinish dates,undertaken to achieve an objective conforming to specific requirements,including the constraints of time, cost and resources
NOTE 1 An individual project may form part of a larger project structure.
NOTE 2 ln some projects, the objective(s) is (are) refined and the product characteristics defined progressively asthe project proceeds.
[lsO 10006]
set of inter-related resources and activities which transform inputs into outputs[lsO 10006]
project risk
combination of the probability of an event occurring and its consequences for projectobjectives
risk management
systematic application of management policies,procedures and practices to the tasks ofestablishing the context, identifying, analysing,evaluating,treating,monitoring andcommunicating risk
risk treatment
process of selection and implementation of measures to modify riskNOTE 1 The term “risk treatment” is sometimes used for measures themselves.
NOTE 2 Risk treatment measures may include avoiding,optimizing, transferring or retaining risk.
4Project risk management overview4.1 Role of risk management in a project
Risk is associated with every project and with each process and each decision throughout thelife of a project.Risk should therefore be managed at each stage of the project and the riskmanagement process should be integrated with both the project management processes andthe product-related processes. Everyone is involved in risk management. A structuredprocess of risk management is required in order to facilitate open communication and cost-effective management of risks.
A prerequisite of effective project risk management is frank and open communication bothinside and outside the project.
4.2Outline of the process
The project risk management process starts by establishing the context in which the project isundertaken. This includes identifying the interested parties,understanding the objectives andoutputs of the project and defining the scope and boundaries of the risk management activityfor a particular project. The interface to, and overlap with, any other projects and theorganizational and strategic constraints within which the project operates,should be defined.
The next step in the risk management process is risk identification.This task is fundamentalto the risk management process.
Each identified risk should be subjected to subsequent project risk management activities ofrisk assessment,risk treatment and review and monitoring.
The process may be applied first at a broad level to identify general risk issues,then at amore detailed level to look at particular risks and how they might arise.Risks should bemanaged at each phase of the project and risks to the project itself and to its product shouldbe reviewed.
The concept of the project risk management process is illustrated in figure 2.