7. Project Risk Management

By the end of this chapter, you will learn the following:

• Types of risks

• Ways to develop a risk matrix

• Methods to manage risks

• What to do when a project is too risky

Each project is unique because it tries to do something new. There is always a certain sum of risk attached. Risk is an unsure event or set of events that, should they occur, would have a positive or negative impact on the project. Threat is used to designate a risk that would have a negative impact on the project’s objectives. Opportunity is used to designate a risk that would have a favorable impact on the project’s objectives.

According to Management of Risk: Guidance for Practitioners, management of risk “incorporates all the activities required ...

Get Mastering Principles and Practices in PMBOK®, Prince 2®, and Scrum: Using Essential Project Management Methods to Deliver Effective and Efficient Projects now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.