Risk Management Correlation with Other Knowledge Areas

In reality, risk management is not a special, separate process that is being carried out somewhere else in a company. In normal project, risk management is so much interrelated with all the other project management processes that some of experienced project managers in practice do not even want to consider it as a separate process. 

Most of tools for risk management come from the other project management processes, and it is therefore easy to show how risk management is related to other areas of project management. For example, we can see that the uncertain duration of a large number of activities in a project is an object for risk management. We also consider risk by putting the amount of buffer into schedule that should be supported by the list of risks we developed with evaluation of its impact in terms of schedule as well as budget. 

Another examples is in quality management techniques. It is quite clear that most of the quality techniques we use for quality management are at the same time quite applicable for looking at risks. In reality, what are the quality problems if not risks being identified and taking place in a project? This way, the cause and effect diagram allows us not only to look at various causes for a quality problem, but also to identify major risk occurrence areas for a significant risk impact. The control charts may allow us to identify an initially unknown risk event as an assignable cause for certain process changes to happen. A flow chart describing process may be used to identify certain risk occurring points, and so on. 

Source: Newell, Michael. W.. Grashina, Marina. N., The Project Management Book. Amacom. New York. 2003