Requirements for an effective project risk management process

Requirements for an effective risk management process carried out by a project participant are associated with the project context and characteristics of the participant. Project context can be characterized by the nature of the project, the immediate working environment, the identity and actions of other participants, and the progress of the project to date. Characteristics related to a particular project participant include motivation, capability, and perceived responsibilities in undertaking risk management. This paper discusses how these factors influence the manner in which project risk management processes should be undertaken.