Definition of Risk
“the implications of the existence of significant uncertainty about the level of project performance achievable”
combination of the probability of an event occurring and its consequences for project objectives
systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risk
Risk Management Process
consists of all the project activities related to the identification, assessment, reduction, acceptance, and feedback of risks
Risk management is a means of dealing with uncertainty – identifying sources of uncertainty and the risks associated with them, and then managing those risks to minimise or avoid negative outcomes. The need to manage uncertainty is inherent in most projects which require formal project management.