Introduction to Project Risk and Cost Analysis


Learning Objectives

By the end of this chapter, you will be able to:

•  Define the terms risk and risk management, upside and downside risk, pure and business risk.

•  Describe the fundamental formula for pricing a risk.

•  Identify the two ways to manage pure risk and the four ways to manage business risk.

•  List the five steps in the project risk management process.

•  Explain why it is necessary to update a risk management plan throughout the project lifecycle.

•  Identify the three categories of risk management costs and provide examples of each.

Estimated timing for this chapter: ...

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