Risk is the primary barometer for deciding if its worthwhile to pursue a project and how to avoid potential pitfalls. This is logical because at its core the project is a financial endeavor, and thus must be accompanied with a risk analysis (essentially a cost-benefit analysis) to see if it will be profitable for the company. Even more so in the case of medical devices, risk analysis is crucial because human life and health is at stake and the company must ensure that no harm will be caused. This is the role of the FMECA, to evaluate and analyze the risk. As discussed in the slides, there are 4 ways to handle the risk - avoidance, mitigation, acceptance and transference. It is critical to find this information out at the very start, so that the company can decide whether its worthwhile to invest in the project (or cut it off before it even begins) and if they do decide to move forward, what is the best way to go about it.

I think what they mean by "everything is about risk" is that by measuring risk they can decide how to approach an issue, project, or aspect of a project. I think it also relates to the fact that everything has risk. There is risk or hazard involved with every step of a project. There is the risk of starting a new project and with the design aspects of the project. They have to measure the risk to the company as well as the risk to stakeholders, being doctors, patients, etc. Risk is used in the majority of decision making during a project by comparing it to the rewards that the project would bring. Throughout the duration or the project risk comes up in multiple ways, which is when they use the risk matrix to see how severe the risk is and decide which of the four ways they want to handle it.

I am curious about what is meant by "death by prioritizing and analysis". The way that I understand this is that it is the issue of over-analyzing and giving to much priority (high risk level) to every risk, instead of just the major risks, resulting in delays for the risk analysis. While risk management is an ongoing process and is crucial to any project, particularly in the medical device industry, what is the benefits or drawbacks of doing this? Isn't it better to give risks higher priority so that more steps are taken to avoid or mitigate every risk?

How have either of these "syndromes" been observed in your professional careers?

The saying everything is about risk means that the entire project is dependent on whether the reward of pursuing this project will out weigh the risk. If the risk is too great than the project will not be forth pursuing. When calculating this total risk the project team has to look at all components of the project since they all carry their own individual risk, which alone may not be that detrimental but when combined with other risk can make the project a problem. Risk is such a major influencer especially in the medical field, as risk can scare off potential investors if they believe they can lose money. Also, health risks posed to the users can also scare away users from trusting and using the product. If you believe a small risk can scare away potential buyers, even though it doesn't carry any major consequences then it can still have a major influence on whether to keep pursuing a project. Risk is everything to projects because if risk was never considered than any idea would be considered possible, as there are no consequences of making mistakes. Every action will produce a consequence and it is important to predict what consequences will arise so as to better prepare an action plan to deal with them.

I think that the phrase "everything is about risk" refers to the fact that any decision that is made on a project, that the first consideration will be the risk involved. From beginning to end all decision are made with the risk in mind. At the start of a project a company decides whether they should even take on the project, or if it just isn't worth the risk. From there all decisions that are made about the project, one of the first considerations is the risk that is involved in all different options. After the risk has been identified, the risk is likely further analyzed and evaluated. If a decision is made to take a certain risk I would imagine there is furthering monitoring of the risk as the project continues. Given the significance of risk management I think the phrase everything is about risk is an appropriate one.

Everything is about risk -- as everyone above me has stated, its all about whether the good will outweigh what might possibly go wrong. Therefore, a good PM must be able to analyse and handle the risk in the most efficient way possible:
1. Identify the risk: What is it? Where is it coming from?
2. Analyze the risk: What exactly does the risk entail? What are the details?
3. Evaluate or rank the risk: Is it necessary to take it? Can you avoid it altogether?
4. Treat the risk: How can it be fixed or worked around?
5. Monitor and review the risk: How well has the risk management worked? Has the risk been contained? Will it pose something larger in the future? Will that be manageable?

While it is important to manage risk, it is also important to encourage creativity and risk taking within a company. Risks are what lead to breakthroughs and great medical products that can advance the company. If everything is over prioritized and analyzed, the company will be playing it too safe and limit creativity. Risk is needed to make new groundbreaking products. However, this needs to be done in a way that does not lose the company profit. Does anyone think that risk management can prevent a company from developing new novel products that are different from anything else?

As a risk management chairman in my fraternity I fell very strongly that risk is a big deal no matter what you do. Obviously while working as a fraternity member you are more worried about suspensions and school policy. You must be concerned that even something done with good intentions could be perceived as a malicious act and can be detrimental to a chapter. With a business or project specifically, a risk blunder could end a perfectly ran project. Even if the project is being conducted with the best intentions and the focus is to accomplish a goal a over looked blunder could tear the project apart. For Instance, from a marketing perspective a poor market research could destroy a project. While preparing for a project a patent application is over looked. The market research doesn’t show another company is researching a similar project and the patent is lost to this company. By not analyzing competitive risk a company could lose an already expensive product line.

Risk is when an uncertain event or condition can occur and have an effect on the project outcome. Project manager tries to know everything about risks so that it could not effect negatively to the project. Project managers know how to mitigate risk, and use it as a core strategy in project management. PM will documenting risks and note where impacts to time, cost and quality are likely to occur. Once he identified risks, he will work team to develop strategies for addressing them, should they arise.  Everything is about risk means What is project risk, the difference between known and unknown risks, the difference between the business risk of the organization and project risk and identification of secondary or new risks arising from the already identified risks and how the project affects by individual risk and overall project risk. The whole risk management process includes identification of risk,analyze and prioritize the risks ,plan the risk responses,monitor risk,communicate with stakeholder about the risks ,responds to the issues.

The phrase - "Everything is about risk" means that the entire project is dependent on whether the reward of continuing the project will outweigh the risk. A project manager must analyze all the possible options and their outcomes before taking the risk. The method to go about is as follow: Identify the risk, Analyze the risk, Evaluate or rank the risk, Treat the risk, and Monitor and review the risk. This method will efficiently support the project manager in making a decision.

Hello,

In project management, "everything is about risk" means that every project activity or decision has the potential to either positively or negatively impact the project's outcome, and thus carries some degree of uncertainty and risk. Project managers must identify, assess, prioritize, and manage risks throughout the project life cycle to avoid or mitigate potential problems that could impact the project's success. Risk management is an integral part of project management, and it involves systematically identifying potential risks, assessing their likelihood and impact, and developing and implementing strategies to manage or mitigate them. By proactively managing risks, project managers can reduce the likelihood of negative events occurring, minimize their impact if they do occur, and increase the chances of project success.