Professional Documents
Culture Documents
Learning Objectives
What is Risk ?
Are you a risk taker or
risk averse ?
Take a chance! All life is a chance. The man who goes the furthest is generally
the one who is willing to do and dare. – Dale Carnegie
Great love and great achievements involve great risk.
If one has to jump a stream and knows how wide it is, he will likely not jump. If
he doesn't know how wide it is, he'll jump and six times out of ten he'll make it.
Playing safe is probably the most unsafe thing in the world. You cannot stand
still. You must go forward.
- Robert Collier
He who is not courageous enough to take risks will accomplish nothing in life. -
Mohammed Ali
“Excellence through Knowledge”
Methodology
Roles and responsibilities
Budgeting
Timing
Risk categories
Definitions of risk probability and impact
Probability and impact matrix
Revised stakeholder tolerances for risk
Reporting formats
Tracking information
hierarchical representation of
potential sources of risk
helps the project team
consider the full range of
sources from which individual
project risks may arise
useful when identifying risks
or when categorizing
identified risks.
Risk Risk
ID Identified Project Risk Risk Category P I Score Rank Risk Response Strategy Risk Owner
001
002
003
004
005
006
007
008
009
010
011
012
013
014
015
016
“Excellence through Knowledge”
Risk probability
The likelihood that a risk will occur
Risk impact
The effect on project objectives if the risk event occurs
Not used for major events or changes in Not used to compensate for poor
scope planning