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: ...