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The Project Management Question and Answer Book by Marina N. GRASHINA, Michael W. NEWELL

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8Risk Management

What is risk management?

A risk is a possible unplanned event. It can be positive or negative. In project management the success of our projects depends on our ability to predict a particular outcome. Since risks are the unpredictable part of the project, it is important for us to be able to control them as much as possible and make them as predictable as possible. A pure risk or threat is a risk that has only a negative possibility as an outcome. A business risk is a normal risk of doing business. It can have a good or bad outcome. An opportunity is a risk that has only good outcomes. These risks can be of two types, known risks and unknown risks. The known risks are those that we can identify, and the unknown risks are those ...

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