However, risk management cannot innovate or identify opportunities, define real business needs, generate change, or realise benefits to create value. The risk and opportunities associated with an initiative are vital considerations as are cost, timing and many other interlinked factors.

PDC is intended to create a holistic end-to-end approach to creating value from investments in projects and programs. The pragmatic management of risk is one aspect within this overall framework; important, but only valuable if it is properly integrated with all of the other aspects needed to generate value.

The problem currently confronting most organisations is the piecemeal approach to the overall need to create value. ‘Project Management’ focuses on the bit between initiating and delivery’, benefits realisation on the bit after delivery, etc. Maximum value is created by harmonising all aspects of a project’s lifecycle from initiation of an idea to the realisation of value.