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 ...

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