Project risk is defined by PMI as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives."

8 of the most common project risks that could threaten your project timeline

1. Scope Risks

2. Cost Risks

3. Time Risks

4. Technology Risks

5. Resource Risks.

6. Communication Risks.

7. Procurement Risks

8. Miscellaneous Risks.

Related Subjects:

• Contingency Plan,

  • Discussed in PM02 Project Plan Course

  • Also referred to as Plan B, "A contingency plan is a plan devised for an outcome other than in the usual (expected) plan. It is often used for risk management for an exceptional risk that, though unlikely, would have catastrophic consequences. Contingency plans are often devised by governments or businesses." - Wikipedia

1. Risk

   • An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. See also issue, opportunity, and threat.

2. Risk Acceptance

   • A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs. See also risk avoidance, risk enhancement, risk exploiting, risk mitigation, risk sharing, and risk transference.

3. Risk Appetite

   • The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward. See also risk threshold and risk tolerance.

4. Risk Avoidance

   • A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact. See also risk acceptance, risk enhancement, risk exploiting, risk mitigation, risk sharing, and risk transference.

5. Risk Breakdown Structure

   • A hierarchical representation of potential sources of risk. See also organizational breakdown structure, resource breakdown structure, and work breakdown structure (WBS).

6. Risk Category

   • A group of potential causes of risk.

7. Risk Enhancement

   • A risk response strategy whereby the project team acts to increase the probability of occurrence or impact of an opportunity. See also risk acceptance, risk avoidance, risk exploiting, risk mitigation, risk sharing, and risk transference.

8. Risk Exploiting

   • A risk response strategy whereby the project team acts to ensure that an opportunity occurs. See also risk acceptance, risk avoidance, risk enhancement, risk mitigation, risk sharing, and risk transference.

9. Risk Exposure

   • An aggregate measure of the potential impact of all risks at any given point in time in a project, program, or portfolio.

10. Risk Management Plan

    • A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed. See also project management plan.

11. Risk Mitigation

    • A risk response strategy whereby the project team acts to decrease the probability of occurrence or impact of a threat. See also risk acceptance, risk avoidance, risk enhancement, risk exploiting, risk sharing, and risk transference.

12. Risk Owner

    • The person responsible for monitoring the risk and for selecting and implementing an appropriate risk response strategy.

13. Risk Register

    • A repository in which outputs of risk management processes are recorded.

14. Risk Sharing

    • A risk response strategy whereby the project team allocates ownership of an opportunity to a third party who is best able to capture the benefit for the project. See also risk acceptance, risk avoidance, risk enhancement, risk exploiting, risk mitigation, and risk transference.

15. Risk Threshold

    • The measure of acceptable variation around an objective that reflects the risk appetite of the organization and stakeholders. See also risk appetite and risk tolerance.

16. Risk Tolerance [deprecated]

    • The degree of uncertainty that an organization or individual is willing to withstand. See also risk appetite and risk threshold.

17. Risk Transference

    • A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response. See also risk acceptance, risk avoidance, risk enhancement, risk exploiting, risk mitigation, and risk sharing.

    • The above is taken directly from the PMI website, Lexicon of PM Terminology

Assignment

• Refer to your PM03 Project Schedule Lab assignment

  • What types of Risks might you encounter on your plan?

  • How will you Mitigate that Risk?