What Is Risk Management

by Ralph T. Dowson.

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One of the most beneficial tools for ensuring a successful project is risk management. The PMBOK defines risk management as “processes concerned with identifying, analyzing, and responding to project risk.” Risks can be categorized as follows:

§ Known risks — risks whose existence and effect are known (e.g., knowing you could get a $100 ticket for driving your car past the inspection date)

§ Unknown known — risks whose existence is known whose effect is not (e.g., driving away from an officer of the law who is trying to enforce the late inspection sticker)

§ Unknown unknowns — risks of which there is no awareness at the present time of their existence and effect (e.g., not remembering to inspect your car and driving it past the inspection date)

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