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What does the PRINCE2 Risk Theme apply to?

What does the risk theme do, according to PRINCE2 ?

Blog   |    21st August 2021   |   Rupali

Introduction

Does the Risk Theme tell the project manager how to deal with risks that their product faces? Or does it guide the Corporates on how to deal with Corporate risk? The answer to the first question is yes. After all, it is expected to address risk management. However, the answer to the second question is no. This blogpost will tell you how the two are different.

Key takeaways:

*A product is what you put into it. *The risk theme tells you how risk could affect what you could be putting into a product. *Only a few corporate risks could end up affecting your particular product. *Hence, the risk theme of PRINCE2 deals with only those risks that could affect your product. *Courses that you can take in order to learn more about the various themes of PRINCE2.

Whom does the Risk theme guide?

A product is what you put into it. Risks affect the way your product would turn out to be. In other words, risks affect what you can put into your product. Thus, risks affect the product, and are the lookout of the product manager. However, there are some risks that affect the business in totality. For example, risks that affect other product lines of the business that are already out into the market, and which do not have any relation with your project whatsoever. These are not to be considered by a project manager who is taking care of a completely different product. There could be other risks, like the risk of theft to the premises of a factory the business owns, which is not related to your product at all. These are corporate risks and they are dealt with at Corporate or Programme level. The Risk Theme of PRINCE2 applies to the risks that the project manager must take care of while creating their product, and not the whole business. Hence, the Risk Theme does not apply to Corporate Risks.

An example

Suppose you are a Project Manager and have a PRINCE2 project going. You are creating a product. While doing this, you face a risk: What if customers do not like your product? Then they will not buy your product and the production costs would not be recovered. In response to this risk, you conduct a survey, and find out that customers recognize your company's brand better than singular products. So you decide to design your product with the relevant branding and brand logos to stand out. So you see, this was a risk pertaining to your particular product, and you had the necessary stuff at hand to deal with that risk as a project manager. The Risk Theme advises you to take care of risks which fall in your ambit as a project manager, and for which you have the authority and materials at hand. Knowlathon has been for long, a provider of PRINCE2 trainings. Not only do you attend a training, but also you can validate your skills by sitting a certification exam. You then get a PRINCE 2 certificate. We have several options for you: the PRINCE2 Foundation, PRINCE2 Practitioner, and also a blended course:PRINCE2 Foundation and Practitioner. If you just want to know the basic tenets of PRINCE2, you may opt for the PRINCE2 Foundation. If you want to lead projects actively, you may take the PRINCE2 Practitioner course. Save yourself the time by doing a three day blended PRINCE2 course. Newer ways of software development led to Agile practices being widely popular. Given how immensely popular Agile is when resources are strained during times like these, PRINCE2 Agile was written for those who want to speed up development and creation of products. Now, for you, we have the PRINCE2 Agile route. Consisting of the same course types as PRINCE2, we must say our three day PRINCE2 Agile Foundation and Practitioner course is well sought after.

Check out our range of PRINCE2 courses