Purpose and Objectives
Risk management is the systematic process of identifying, analyzing, and responding to project risks. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives. A risk management plan defines how a project team will handle risks to achieve that goal.
There are several terms used in risk management that we need to define to ensure clear communications.
An uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives. ...