A risk factor is anything or any course of action with sufficient uncertainty to potentially increase risk to the business. Risk management, then, deals with and mitigates the factors that might contribute to the risk. To manage a risk factor, we must know two major things:
What is “at risk” and can be “harmed”?
What factors can predict or contribute to the risk and can be managed?
While never losing sight of the risks to the initiative’s outcomes, you must manage the factors within the project that can either increase or decrease the chance that the impacts will occur and reduce the likelihood of uncertainty. These are the areas to pay attention to:
Project scope, to define what is to be analyzed, designed, ...