Project Risks

Project risk is the cumulative effect of the chances that uncertain occurrences will adversely affect project objectives. Project risk management is the art and science of identifying, assessing and responding to project risk throughout the life of a project and in the best interests of its objectives.

Essentially, the goal of project risk management is to increase the probability and impact of positive events and to decrease the probability and impact of events that will negatively impact on the project.

Use the Project Risks list to specify and track threats to the success of the project. Some project template will have some risk predefined (for example the MSF template has 10). This is because many projects face the same type of risks (e.g. requirements keep on changing). Having a plan in place to deal with these risks vastly increases the likelihood of project success.

Project Risks Alert Options

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