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Project Management: Best Practices for IT Professionals by Richard Murch

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Chapter 13. Managing Risks

Introduction

Risks are those unexpected events that cause problems—sometimes severe problems—which threaten the success of IT projects. Risk Management is where a project manager expresses his or her concerns about the probable effects of risks and the uncertain environment that they create. Because the future cannot be predicted with any degree of certainty, project managers have to consider a range of possible events that could take place. Risks could have a material effect (a significant consequence) on the enterprise and its goals. These negative effects are called risks, and the positive effects are called opportunities.

A manageable and repeatable process can be devised to manage risk on any size of project—large, ...

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