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Infraguide-Managing Risk
Publisher: Asset Management BC
Subject(s):
Collection(s):
Posting Date: March 10, 2020
Year Published: 2020
Abstract:
This document provides an overview of the risk management process and its value in the development of efficient management programs and corporate policies for sustainable municipal infrastructure assets. It recommends the principles of a best practice to incorporate risk management into an asset management strategy. Risk emanates from uncertainty and is generally considered to encompass both threats and opportunities. The Guide to the Project Management Body of Knowledge (PMBoK Guide, 2004), defines risk as “. . . an uncertain event or condition that, if it occurs, has a positive or a negative effect on a project objective . . .”. As such the potential severity of impact of a risk and the probability of its occurrence are key elements in quantification of risk.
Full Text Word Count: 9261