Risk

Risk Management Plan: Describes how risk management activities will be structured and performed. Includes risk strategy, methodology, risks/responsibilities, funding, timing, risk categories

Identify Risks: identifying individual project risks, sources of overall project risk with their characteristics. 

Risk definition meta language: 

“As a result of <definite cause>, <uncertain event> may occur, which would lead to <effect on objective>” 

Ex. Because we are using “Cost Plus” contract type, scope could creep, which would cause the project to be over budget

Risk: An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. Identified in advance, during planning stages of a project and are potential future concerns 

Risk Register: 

Issue: A problem that has already occurred. It is a current event or condition that requires immediate attention and action because it can impact the project’s progress or outcomes. Present concerns that need to be addressed in the current timeline of the project’s execution 

Risks become issues once they happen

Qualitative Risk Analysis: Process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics. 

Risk Register with Qualitative Risk Analysis:

Quantitative Risk Analysis: Process of numerically analyzing the combined effect of individual project risks and other sources of uncertainty on overall project objectives