10. Risk

As demonstrated in Chapter 9, every project always has several design options that offer different combinations of time and cost. Some of these options will likely be more aggressive or riskier than other options. In essence, each project design option is a point in a three-dimensional space whose axes are time, cost, and risk. Decision makers should be able to take the risk into account when choosing a project design option—in fact, they must be able to do so. When you design a project, you must be able to quantify the risk of the options.

Most people recognize the risk axis but tend to ignore it since they cannot measure or quantify it. This invariably leads to poor results caused by applying a two-dimensional model (time and cost) ...

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