Risk Assessment and Addressing
IDENTIFIED UNCERTAIN EVENTS SHOULD BE properly managed to decrease the overall uncertainty of project outcome and chances of failure. To understand how damaging downside uncertainties could be and how favorable upside uncertainties should become, project teams need a measuring tool. It should be adequate but simple to use. That measuring tool should be used even before any attempt to manage uncertainties is undertaken. However, the tool is as good as our understanding of the nature of measured objects. The right questions about uncertainties should be asked to carry out adequate measurements of their probabilities and impacts on project objectives.
To make managing uncertainties more proactive ...