Project Risk

Talking about Risk is really challenging 🙂 Because risk always sounds negative and we feel it needs to be avoided by any means. Risk is a part of everyone’s everyday life. Here is a real story:

I was on the other side of the road. ‘Walk signal’ was still on, but only 2 seconds to cross. My heart was beating fast. I was running across the zebra crossing – my eyes were moving rapidly between the signal light and the vehicles which were waiting to cross. I almost crossed three-quarter of the road and the signal changed to ‘Stop’. I increased my running speed as vehicles started moving and a life was at risk. Anytime accident could have happened. But I some how managed to escape.

Leaving the real life experiences apart, as a project manager, we need to love Risks and consider them opportunities to gain more control over the project against probable uncertain events. Here is the definition of Project Risk:

Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective.[1]

Uncertainty is the one which makes Risk management more interesting than any other in Projects. Identifying, analyzing, monitoring and responding Project risks is really a challenging.

[1]. PMBOK® Guide – 3rd edition – Page #. 8