Project Management vs Systems Engineering Approach to Project Risks Management


Risk management is a dynamically developing type of management. Risk management refers to processes associated with identification, risk analysis and decision-making, which include maximizing the positive and minimizing the negative consequences of risk events. Risk elimination is necessary to complete the project on time. Managing risks for a project manager can be easier with using several approaches described in this article. The article presents comparison of widespread approach to managing risks in projects with the set of instruments derived from systems engineering. These approaches are SEBoK (System Engineering Body of Knowledge) PM BoK and OMG Essence. Author tries to integrate sets of instruments present in various project management and systems engineering bodies of knowledge and show how ones derive from the others.

Keywords: project, project management, risks of the project, risk management, systems engineering, stakeholders, project requirements, SEBoK

[1] PMBOK® Guide Sixth Edition, Project Management Institute

[2] ‘How to manage the risks you didn’t know you were taking’, Dr David Hillson, MI Fellow, PMP, HonFAPM, FRSA, FIRM, FCMI, CMgr, MIOD, The Risk Doctor Partnership,,Originally published as a part of the 2014 PMI Global Congress Proceedings – Phoenix, Arizona, USA

[3] Guide to the Systems Engineering Body of Knowledge (SEBoK), version 2.2, INCOSE, Systems Engineering Research Center, IEEE Computer Society

[4] Essence®, Object Management Group

[5] Criteria rating for ”dream job”. Research of [Electronic resource]