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Project, systems and risk management processes interactions

This paper discusses three major concepts: projects, risk, and systems management. Systems and project management consider risk management as an integral part of their processes. Risk management is used to avoid any failure or crisis during their life cycles. Projects have well defined life cycles during which the risk is defined, controlled, and managed. Systems, on the other hand, have a relatively longer life cycle that is divided into phases. Risk management is processed in each phase of the systems. Projects have a very strong relation to systems since projects mostly become parts of larger systems. These projects are initiated within the systems for two purposes: (1) to close certain operational gaps, or (2) to expand the capabilities of the system. The issue raised in this paper is whether failure events occurring within a system could be traced back to initiating events in the project or in its integration. Is it possible to reduce or eliminate risks within the system by managing the initiating events of risk in the projects? The objective is to identify if projects have any role in risky event in the system.