INFO3333 Lecture Notes - Lecture 6: Project Management Body Of Knowledge, Standard Scale, Risk Appetite
22 Jun 2020
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Document Summary
Project risk: an uncertain event or condition that, if it occurs has a positive or negative effect on a project"s objectives, note: can have positive effect. The project must be delivered regardless of uncertainty. People are not good at predicting uncertain events, making decisions involving uncertainty, or adapting on-the-fly risk management attempts to be systematic to alleviate some of these problems. Risk register: document that records potential risk events and related information (presented as table/spreadsheet) Evolves throughout the risk management process as new risks are identified and more detail about each risk is added. Each risk event may have the following columns: identifier, name, description, category, trigger, frequency, impact, potential responses (pmbok does not define which columns must be used) To respond well when risks occur it helps to be prepared. Commonly some budget, resources, slack are set aside so that if a negative risk occurs it can be dealt with.
