NEW GENERATION IN RISK MANAGEMENT

In the thinking of project management community, risk can be both a negative and a positive thing. Some risks do become opportunities. Risk has been around and will be around forever. In the PM community risk has to be discussed, listed, assesed, mitigated and constantly reviewed. Unfortunately risk management in projects in india is a mere matter of documentation formality. Very few project teams have a open communication regarding risk and review it in their team meetings. 

Luckily off late, clients are beginning to expect a risk analysis right up front with dates attached to the risks and mitigation plans outlined.

Probability devoid of the maths behind it were in thoughts of Greeks. Probability is the imutable tool in mesuring risk, Then the mathematics behind it started forming sometime during the Bernoullis, from the now famous 'Copenhagen wager problem' where by Bernoulli was asked by his cousin, 'in a throw of 'n' dices if each head doubles your wager otherwise loose your bet, how much are you willing to wager'. Bernoullis answer was 1.25. This problem had no solution for a long time then someone came up with a soultion as 1/2 n. Greeks predominated probabilit  during 750BC and Bernollis 15AD.

Now risk is measurable and probability theory is developed later on by Bayes, Laplace etal.

As Vaidy has said above " Risk was in past and will be in future too ". The people/personnel handling the same has changed.

However the integral question is response to above remains unanswered " Will we ever learn ? " 

Given the history(Risk & Fraud) of past 2 decades, to be honest none has learned any valuable lesson/s and we are and probably continue to create/make blunders. Thus it is only in a matter of time the " Risk Management " is realised in its proper sense and understanding. 

But I think with the dynamic changes in the corporate world, the nature of risk is also changing.To cope with the changes we have innovate.And as we know that innovation requires risk. Risk is a positive force for imbibing a project with unique never before seen features. Unmitigated risk can also act as a project killer ,
Moreover  to leverage a popular phrase, "change happens." This is a truth about all projects.Which result into a new generation of Risk Management