13Managing Risk

This chapter discusses risks and the issues to address in helping teams define and assess their project risks. It also reviews the principles of risk management, why risk management is important, and the TSP risk management process.

13.1 What Are Risks?

A risk is “a measure of the probability and severity of adverse effects” (Lawrence 1976). It is something that may or may not happen. If the event is certain to occur, it is an issue, not a risk. This is true regardless of the importance of the event. Issues are important, of course, but issues are things to address in the plan. However, with risks, there is a probability that the identified problem may not occur. While the team may wish to make advance preparations in case the ...

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