Risk Notes: Definitions & Explanations PDF | Download eBooks
Study Risk lecture notes PDF with project management definitions and explanation to study What is Risk?. Study risk explanation with project management terms to review project management course for online MBA programs.
Risk Definitions:
Risk is the possibility that an unwanted circumstance will occur that can result in some loss.
Successful Project Management by Jack Gido and James P. Clements
Risk is defined as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Risk is a measure of the probability and consequence of not achieving a defined project goal.
Project Management: A Systems Approach to Planning, Scheduling, and Controlling by Harold Kerzner?
Risk Notes:
Every project has some uncertainty. There is always a chance that an unfortunate event might happen during the project. This unwanted event has an adverse effect on the project. It is termed as risk. A risk must be identified before the project starts and its impact on the project be determined. Based on that, a proper plan must be developed for responding to the risks. Moreover, these risks must be monitored during the project life as well. A project manager must understand that risks are likely to occur in the projects. Risks are a part of projects and they must be addressed. Some examples of risks include severe weather, sudden price escalations, strikes, late delivery of material from supplier etc.
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