CHAPTER 6: RISK CHARACTERISATION
Living with risk
We have said that this is not a project management textbook. We should add that this is not a risk management textbook either. There are sufficient materials readily available both online and in print. Risk evaluation and risk management are well defined tasks these days. Why then, do so many major projects seem to go wrong, and is this a failure of risk management competencies?
Risk evaluation seeks to highlight or ‘surface’ anticipated risks and assess how likely they are to occur in practice. Plotted on a two axis grid, we can ‘see’ where risk might lie in terms of likelihood (axis 1) and impact (axis 2). A high likelihood and a high impact of risk is then characterised as a ‘high-risk’ factor ...
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