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Reliable Maintenance Planning, Estimating, and Scheduling by Ralph Peters

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Appendix J

Risk Management

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Introduction

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.

Risk-Related Definitions

There are several terms used in risk management that we need to define to ensure clear communications.

Risk

An uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives. ...

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