Managing project risks – Learning project risk definition and undertaking risk management process
If you start reading project management literature, you may find there various definitions of project risk. The variety of project risk definitions is caused by the fact that each kind of project (e.g. IT projects and construction projects) may have specific kinds of risks that influence project results. However, the nature of project risks is the same for every kind of project, so there should be common definition of risks. In this article the following project risk definition is used: A project risk refers to a combination of probabilities that cause an event’s appearance and the outcomes that the event produces. Project risks can be identified, estimated, assessed and controlled within project risk management activities.
