Risks are identified and managed starting in initiating and are continually kept
up-to-date or added to while the project is underway.
Uncertainty
The work that needs to be done, the cost, the
time, the quality needs, the communications
needs, etc., can be uncertain. The investigation
of uncertainties may help identify risks
Risk Factors
how likely
impact or amount at stake)
when
how often
Risk Appetites Tolerances and
Thresholds
Nota:
These three terms each refer to the level of risk an individual or group is willing to accept.
Risk appetite is a general, high-level
description of the acceptable level of risk
the sponsor is willing to accept little risk
to the schedule on this project
The term risk tolerance is more specific, as it
refers to a measurable amount of
acceptable risk
In this case, our sponsor might be said to
be willing to accept schedule risk of up to
14 days on this project.
A risk threshold is the specific point at
which risk becomes unacceptable.
the sponsor will not accept a risk of the
schedule being delayed 15 days or longer