579 Risk in a project or program is a measure of the inability to achieve objectives within cost, schedule, and cultural constraints. Risk can be defined as the probability of an undesirable event occurring and the significance of the consequence of the occurrence. This is different than uncertainty which considers only the likelihood of occurrence of the event. Although risk and uncertainty are often used interchangeably, they are not the same.
Risk management is a concept that can be implemented in a number of ways.
The process is based on a prospective assessment. This course covers all aspects of risk management, risk identification, risk assessment, risk handling, risk communication. A series of qualitative and quantitative tools are explained and illustrated with examples and workshop exercises. The emphasis is on developing usable processes and tools that can be immediately put to work by all members of a project management team. It contains presentation notes and graphics, a number of readings on risk management techniques, and tools and illustrative cases and exercises.