Transcription of Assessing Risk Probability : Alternative Approaches
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Assessing Risk Probability : Alternative Approaches
2004, David Hillson & David Hulett - 1 - Originally published as a part of 2004 PMI Global Congress Proceedings Prague, Czech Republic Assessing Risk Probability : Alternative Approaches Dr David A. Hillson PMP FAPM FIRM, Director, Risk Doctor & Partners, Dr David T. Hulett, Principal, Hulett & Associates LLC, Introduction Effective risk management requires assessment of inherently uncertain events and circumstances, typically addressing two dimensions: how likely the uncertainty is to occur ( Probability ), and what the effect would be if it happened (impact). While unambiguous frameworks can be developed for impact assessment, Probability assessment is often less clear.
Originally published as a part of 2004 PMI Global Congress Proceedings – Prague, Czech Republic Alternative approaches to assessing risk probability • •
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