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Managing Project Risks

Eldon Larsen, Professor, Engineering, Marshall University Graduate College, 100 Angus E. Peyton Drive, South Charleston, WV 25303-1600 and Ryland W. Musick, Division of Highways, WV Dept. of Transportation, 270 Hardwood Lane, Princeton, WV 24740.

Nearly all projects have risks, both known and unknown. Appropriately managing these risks in a well-thought-out, planned, methodical way can very often make the difference between project success or failure. This paper discusses common ideas for managing project risks based on good project management concepts.