Project Risk Management is one of the key specialisms in the projects profession. There are formal and informal roles for Risk Managers, you can take certifications, and there are career paths you can build. So, it’s no surprise that there are plenty of books you can buy to learn more.
The Selection
After surveying my bookshelves, I have pulled 24 books down, to suggest to you.
I have not included any books that I do not own personally. I have read most of them, cover to cover, and dipped into all of them over the years. And, I bought them all with my own money (except for four, which I have marked accordingly).
24 books seem enough, so I have not looked to see what else is available. I would welcome your own recommendations in the comments below, whether you are a reader, author, or publisher. And, while I cannot promise anything, I am always open to receiving review copies.
The Approach
There is such a range of different titles that I have decided to ask the question,
‘What would a project professional want from a Risk Management book?’
For each answer to this question, I have made my recommendations and assessed the books that fit the need. The requirements I have addressed are:
- Awareness of the Absolute Basics of Project Risk Management
- Solid Grounding in the Basics of Project Risk Management with More Depth and Tools
- More Advanced Project Risk Management Text with Advice from a Deep Expert
- Extend my Thinking about Project Risk Management by Approaching the Topic in a Distinctive Way
- Get Ahead of my Peers on the Subject of Project Risk Management and Prepare to Specialize
- Certification in Project Risk Management
- Expertise to Lead Risk Management on Large and Complex Projects, with Strict Guidelines on the Management of Risk
- Interesting Outside Perspectives that can Bring Nuance and New Ideas to my Project Risk Management
I have set myself the rule to only include each book in one section, here. This is, of course, nonsense. Many of these books straddle multiple categories. And I fully expect a lot of people to disagree with my assessments… which you are welcome to do, courteously, in the comments.
So, don’t assume that the only books that will be useful to you will be in the most obvious category.
Look around, browse the virtual shelves, and please click the links to buy the books you fancy. The links are affiliated. I will earn a small commission with every purchase. That will partly support the cost (around $2,500 and 50 days of my time) of managing this site and delivering you all this free content.
1. Awareness of the Absolute Basics of Project Risk Management
Project Managers who are just starting out and leading a small project or playing a role in a larger project need an overview of the basics of project risk management.
Basic Project Management Books
I would start with some basic Project Management books with a solid chapter on Risk Management. Take a look at Part 1 (Best Project Management Books for an Easy-to-Read Introduction) of my recent post, Project Management Books: What are the Best 7 for You? Pretty much any good introductory book will have a sound section on the absolute beginner’s stuff on project risk management.
However, I really do think you will do no better than my own book, How to Manage a Great Project. This is based on nearly 30 years of training many thousands of new Project Managers. I know what this audience needs and how to explain it in a practical and easy-to-understand way.
Basic Project Management Certification Syllabus
Project Risk Management is a part of every basic Project Management certification syllabus. So, the Big-Book guides that accompany these as standards are also a good source for understanding project risk management. Most notably, we have, from:
- Project Management Institute (PMI)
The CAPM and PMP certifications, supported by the Guide to the Project Management Body of Knowledge (PMBOK Guide). This is in its 7th edition as I write this, but the 8th edition is due in 2025. - Association for Project Management (APM)
The APM’s PFQ, PMQ, and PPQ are supported by its Body of Knowledge, the APMBOK. This is in its 7th edition as I write this, but the 8th edition is due in 2025.
* I received a review copy of the 7th edition and am a writer on the 8th edition. - Axelos/PeopleCert
The UK Government’s de facto Project Management standard is PRINCE2. It is adopted widely and is an excellent training – whether you sit the exam or just review the principles. This is supported by PRINCE2 7: Managing Successful Projects.
* I received a review copy of the 7th edition
2. Solid Grounding in the Basics of Project Risk Management with More Depth and Tools
For beginner and intermediate project managers, who find the chapter in a general book on Project Management or the section in a Project Management course is not enough. They want a greater depth of thinking and more ideas, tools, and processes to adopt or adapt to their needs.
I have four books in this category. All are good but I have one specific recommendation…
Risk Happens!
I really do think mine is the best of these. It is just a little deeper and a fair bit broader than the others. Yet it is written very much as an introductory text. So, my top pick for this category is Risk Happens! Managing Risk and Avoiding Failure in Business Projects. This is now in its second, expanded edition. There are more details on this website.
Honorable Mentions
I also have three other great books to recommend – all of which I read before starting work on my own book, Risk Happens! In no particular order, these are:
- Fundamentals of Risk Management by Paul Hopkin and Clive Thomson
This is a 6th edition, which says a lot – mine is the first edition. - Project Manager’s Spotlight on Risk Management by Kim Heldman
This is the most lightweight of the books in this list. - Managing Risk in Projects by David Hilson
This is short and excellent – but I honestly believe it is (like so many Gower books) over-priced. Only buy it if you either can get it second-hand or are a completist.
3. More Advanced Project Risk Management Text with Advice from a Deep Expert
For Project Managers with experience of leading projects where risk management has been important, and they want to extend their knowledge. This is, for me a transitional category between the previous one and number 5, two ahead.
What this means is that these books are on a continuum. But my assessment is that these two are a little more advanced than the last four, but a little less so than the ones in section 5.
- Risk Management by Glen Alleman and Jon Quigley is recent and excellent. For me, its particular strengths are in risk tracking and in the chapter on industry-specific practices, which will appeal to project managers working in the automotive, construction, or Government sectors.
* I received a review copy and know both Glen and Jon. - Practical Risk Management: The ATOM Methodology by David Hilson and Peter Simon goes deep but is pretty easy to read. This is in its third edition now (mine is a first edition) and now extends to programs. It has long been a favorite of mine.
4. Extend my Thinking about Project Risk Management by Approaching the Topic in a Distinctive Way
This category is, I confess, a fix-up. It’s a place to put three books that are hard to categorize. I’ll indicate my assessment of their level (using the section numbers) but they may not be ideal as comprehensive text, because they approach the topic of project risk management from a particular point of view.
- Risk Management by Keith Baxter
Keith was commissioned to write this more for a general business audience, but he is steeped in project risk management and his beautifully produced book has a number of insights, tools, and ideas that are well worth your time and are not found in other books.
Level 2
* I received a review copy and know Keith - Strategic Project Risk Appraisal and Management by Elaine Harris
This book is practically oriented with a good focus on stakeholder engagement. But, once again, I would say that Gower has over-priced this and I don’t recommend you pay full price unless you have a particular reason or a big budget!
Level 2/3 - Better Safe… Risk Management in Volunteer Programs & Community Service by Linda L Graff
This book is going to be hard to find. It’s written at a basic level but is a delight of practical formatting, useful templates, and insightful tips. I really like it.
Level 2
5. Get Ahead of my Peers on the Subject of Project Risk Management and Prepare to Specialize
These two books take the level of detail and depth of insight just a step higher. I have a clear favorite here, but both have much to commend them!
Identifying and Managing Project Risk by Tom Kendrick
This is not only my favorite book in this section, but also my favorite book on project risk management. It’s the one that really stretched my thinking and I learned a lot from it. I also enjoyed the story of the Panama Canal, told in preludes to each chapter. This book is excellent and a must-have in the library of any serious project professional.
Project Risk Management: Processes, Techniques, and Insights by Chris Chapman and Stephen Ward
This is a rock-solid academic text, written by academics. It’s therefore a slightly tougher read. I’d say its focus is on engineering projects, so if they are your area, this is a book for you.
6. Certification in Project Risk Management
For Project Managers who want to build a career as risk management experts. Note that these certifications are at around the same level as Level 3, above.
- Project Management Institute (PMI)
PMI’s risk management certification is the PMI-RMP PMI Risk Management Professional). You can learn more, in our article, PMI-RMP: All you Need to Know about PMI’s Risk Management Certification. The recommended text is Risk Management in Portfolios, Programs, and Projects: A Practice Guide. This supersedes The Standard for Risk Management in Portfolios, Programs, and Projects as the primary reference for PMI’s PMI-RMP certification. - Association for Project Management (APM)
The APM’;s Project Risk Management Single Subject Certificate uses Project Risk Analysis and Management Guide, 2nd edition (PRAM Guide) as a text. - Axelos
The Axelos standard for risk management is a companion to other standards, of which the best known is PRINCE2. Management of Risk (M_o_R) is in its fourth version and the guide is the shockingly expensive M_o_R® 4: Management of Risk: Creating and Protecting Value.
7. Expertise to Lead Risk Management on Large and Complex Projects, with Strict Guidelines on the Management of Risk
If you need anything more than the most advanced text I own, you are likely to be more of an expert than I am – and so will know where to go for more. But, if you want a serious book for serious and advanced risk management, I strongly recommend Effective Risk Management by Edmund H Conrow. Its subtitle is misleadingly modest: ‘Some Keys to Success’.
This is the book to go to when you want an authoritative guide to project risk management… and you are prepared to put the work in. It is not an easy book, but it is well written and, if you are a serious project professional who needs to manage risk rigorously on major projects, it’s the book for you.
8. Interesting Outside Perspectives that can Bring Nuance and New Ideas to my Project Risk Management
These books are for Project Managers who are interested in the topic of risk and want to see it in a wider context. If you want to read around the subject of risk for interesting outside perspectives that can bring nuance and new ideas to my Project Risk Management, try these:
Risk: The Science and Politics of Fear by Dan Gardner
A popular science/sociology book by a professional author. Highly readable and very interesting.
Against the Gods: The Remarkable Story of Risk by Peter L Bernstein
A readable history of our understanding of probability and risk, with a focus on the economic and gambling impacts.
The Black Swan by Nassim Nicholas Taleb
The best-seller from trenchant thinker, Taleb, which introduced the world to the metaphor for unpredictable and consequential events. His other books, Fooled by Randomness and Anti-fragile, are also provocative and thought-provoking.
Inevitable Illusions: How Mistakes of Reason Rule Our Minds by Massimo Piattelli-Palmarini
A comprehensive and readable introduction to the subject of fallacies and cognitive biases that lead us to mis-estimate risk, schedule, budget, and everything else that our plans rely on.
Thinking: Fast and Slow by Daniel Kahneman
This is a must-read for anyone in professional life. Daniel Kahneman (along with Amos Tversky) invented the science of cognitive bias. This is 1 part life story and 4 parts in-depth introduction to the science from the man who knows more about it than anyone else on the planet (and who won the Nobel Prize for his work). And, it’s a cracking read that will rock your world if you are new to these ideas!
Over to You…
What are your book recommendations for Project Risk Management? Let me know, whether you are a reader, an author, a publisher, or all three!
I have revised some of them and your book Risk happens seams to be for me the most accurate one for the matter, this is something we are not free from. Risk happens
Thank you very much, Enrique.