Our project risk management methodology—covered in Chapters 4 through 8—depends on a certain model of a risk that focuses attention on the critical attributes of the risk. Consequently, we start by introducing the model here. This model of a risk provides two important objectives. First, it helps you quantify the magnitude of a risk so that it can be compared against other risk candidates and help you decide which risks you are going to manage. Second, it points you toward root causes so that you can formulate effective plans to resolve your risks. Understanding the Standard Risk Model will help you understand the rest of the book.

As we were preparing this book, we spoke with many people about project risk. Each ...

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