Project Risk Management Overview

Risk is a measure of the probability and consequence of not achieving a defined project.

The high-risk impact area is known as the overlap area.

Predictable Risks are risks that experience tells us we have a high probability of encountering during the life of the project.

<p>Project Risk is the cumulative effect of uncertain occurrences that will adversely affect project objectives.</p> Signup and view all the answers

<p>The objective of Project Risk Management is to increase the probability and/or impact of positive risks and decrease the probability and/or impact of negative risks.</p> Signup and view all the answers

<p>The Project Risk Management processes are: 1. Plan Risk Management 2. Identify Risks</p> Signup and view all the answers

<p>Risk management should be part of the planning process to identify potential risks in the project and plan how to control them if they occur.</p> Signup and view all the answers

<p>Project risk management is the process of identifying, analyzing, and responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal.</p> Signup and view all the answers

<p>A risk is a potential event that could impact the project, while an issue is a risk that has become a reality and must be addressed.</p> Signup and view all the answers

<p>Risk management involves identifying, categorizing, prioritizing, and planning for risks before they become issues.</p> Signup and view all the answers

<p>On large-scale projects, risk management may involve extensive detailed planning for each risk, whereas on smaller projects, it may be a prioritized list of risks.</p> Signup and view all the answers

<p>Project risk is an uncertain event or condition that, if it occurs, can have a positive or negative effect on at least one project objective.</p> Signup and view all the answers