Plan, control and Manage Risk – through experience and not by books and tools .
Y = F [Risk Manage (Quality Cost and Delivery)]
Risk optimization = (minimize cost, maximize Quality and meet Delivery Schedule)
In the services scenario Risk should be planned from Contract stage and initiation itself.
There are many methods like TRIZ, FMEA, KAIZEN, Lean Six Sigma, Quality function deployment(QFD) for efficiently managing risks.
Since knowledge management is more subtler than material management Risk has to be defined in the right context of the organization, customer and other stake holders involved.
There’s a tendency of Project managers to stick to PMI or any other tools for managing risks. Though tools are really great source and improve the productivity of the projects, over depending on tools and standards may limit the project deliverable in the long run. If a project manager is interested in long term satisfaction of all stakeholders, he can think in new paradigm. Understanding the dynamics of various risks specific to each customer is the key.
Risk is best managed by intuition rather than tuition. A candle is lit by another candle and not by reading about the candle or by looking at the pictures of it.
Likewise Risk and Project Management is best carried out not by reading PMI or understanding various tools, but by Risk and project management experience.