Risk-management perspective on the project lifecycle

Shortcomings in the project-management process can be major sources of project risk. The paper highlights these sources of risk and places them in the project lifecycle. The project lifecycle is commonly described in terms of four phases: conceptualisation, planning, execution, and termination. The paper offers a more detailed framework, involving eight stages and a number of steps within each stage. Explicit acknowledgement of this more detailed stage and step structure should facilitate more effective identification and management of process risks.