Managing Risk

Terms to be familiar with -

•Risk–Uncertain or chance events that planning can not overcome or control.

•Risk Management–A proactive attempt to recognize and manage internal events and external threats that affect the likelihood of a project’s success.

•What can go wrong (risk event).

•How to minimize the risk event’s impact (consequences).

•What can be done before an event occurs (anticipation).

•What to do when an event occurs (contingency plans).