An Introduction to Project Risk Management - ENGINEERING MANAGEMENT

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The Project Definition: A temporary endeavor was undertaken to create a unique product or service. A series of activities designed t...

An Introduction to Project Risk Management

The Project Definition:

A temporary endeavor was undertaken to create a unique product or service.

A series of activities designed to achieve a specific outcome within a set budget and timescale.

Project Management Definition:

The application of knowledge, skills tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.

The application of knowledge, skills tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.
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Risk Definitions:

Risk – an uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective 
A risk has a cause and, if it occurs, an effect. – PMBOK (Project Management Body of Knowledge)
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