Transcription of Risk Management: Pro-active Principles for Project Success
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Risk Management: Pro-active Principles for Project Success
Risk management : Pro-active Principles for Project SuccessLiz MarkewiczDon RestianoWhat is a RiskAccording to the Defense Acquisition University: Risk is a measure of the potentialinability to achieve overall program objectives within defined cost, schedule and technical constraints ISO Defines Risk as the: combination of the probability of an event and its consequence What is a RiskIn other words: Risk is anything that couldcause a negative cost, schedule, or performance impact Must have a probability of less than100%; anything with a probability of 100% isn t a risk, it s an issue or a risks provides an opportunity to avoid negative impactsRisk Vocabulary risks Problems WorriesRisk VocabularyRisk is.
What RISK is NOT… A Problem is a negative consequence with a certain, or almost certain probability of occurrence. It is not a risk Problems need to be dealt with via corrective action but not as part of Risk Management. – They can not be Mitigated or Avoided
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