Chapter 9

Quantifying and Analyzing Project Risk

“Knowledge is power.”—FRANCIS BACON

Information is central to managing projects successfully. Knowledge of the work and potential risk serves as the first and best defense against problems and project delay. The overall assessment of project risk provides concrete justification for necessary changes in the project objective, so it is one of the most powerful tools you have in transforming an impossible project into one that can be successful. Project-level risk rises steeply for projects with insufficient resources or excessively aggressive schedules, and risk assessments offer compelling evidence of the exposure this represents. Knowledge of project risk also sets expectations for the project ...

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