Project Risk Management
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17PROJECT RISK MANAGEMENT
DEFINITION OF A RISK OR RISK EVENT: A discrete
occurrence that may affect the project for good or bad.
DEFINITION OF A PROBLEM OR UNCERTAINTY: An
uncommon state of nature, characterized by the absence of any
information related to a desired outcome.
RISK FACTORS: When looking at risk, one should determine:
The probability that it will occur (what)
The range of possible outcomes (impact or amount at stake)
Expected timing (when) in the project life cycle
Anticipated frequency of risk events from that source (how
often)
RISK AVERSE: Someone who does not want to take risks.
RISK TOLERANCES: The amount of risk that is acceptable
(tolerance level). For example, a risk that affects our reputation
will not be tolerated, or a risk of a two-week delay is okay.
DEFINITION OF RISK MANAGEMENT: The process involved
with identifying, analyzing, and responding to risk.
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Parent category: Business