
Guest Post by John Ayers (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Risk is an event or activity that can go wrong and cause an impact to the project. Risks can have a negative or positive impact to the project. Risks that have a positive impact are called opportunities. If they a negative impact to the project, they are called risks.
Risks and opportunities can be generated by anyone on the project but typically are identified and analyzed at the IPT (Integrated ProductTeam) level. A goal on a project is to try and balance risks and opportunities to mitigate the chance of cost or schedule growth. [Read more…]