What is Risk?

Project Risk Management

What is Risk? – According to PMI’s PMBOK, Risk and an uncertain event or condition that if it occurs, has a positive or negative effect on one of more project objectives- Scope, Schedule, cost or quality.

What is Risk?

Project Risk Management includes the processes of conducting risk management Planning, Identification, Analysis, Response planning, and Risk monitoring & Controlling on a project –

Project managers must be prepared to deal with adversity. Planning for events that can delay a project, decrease its quality, or increase its budget is a necessary part of project planning

Discussion Points:

Discuss Risk Identification and Evaluation Processes

After project risk has been identified and evaluated, the project manager/team develops mitigation plan to reduce the impact of an unexpected even – Discuss three ways to mitigate Risks in a Project

What is the difference between External Complexity and Internal complexity risk profiles in a project – discuss with examples