The probability of an undesirable outcome . The cumulative effect of the chances of uncertain occurrences which will adversely affect project objectives . It is the degree of exposure to negative event s and their probable consequences .
Risk is the opposite of opportunity .
The possibility that something can go wrong and interfere with the completion of the work . An evaluation , base d on interviews with senior executive s and manager s, of the organization s readiness to accept the change brought on by the project . Conducted for the benefit of the Project Sponsor . Usually, but not necessarily, associated with the Monte Carlo Simulation technique . An evaluation of the feasibility or probability that outcome s of a project or policy will be favorable.