Chapter of Project Management Tools and …

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Chapter 7 Tools and Techniques of Project Management 1. Risk Management Risk is the chance or probability of something that may or may not occur; it is something which can be quantified (using standard deviation). Uncertainty is something, which cannot be predicted with statistical confidence, normally due to insufficient information. In a Project environment there is always a risk or chance that adverse conditions occur, which could cause the Project to fail, or fail to meet its planned objectives time, cost and quality.

4 7.2 The budgeting process A budget is a forecast or quantified plan of action. A quantified financial plan of action which itemises a projects income and expenditure allocated e.g. a list of all

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