Risk Planning
Risk is something that we deal with in our everyday lives. Some people seek out jobs or leisure activities that are considered high risk. They may get a thrill or a feeling of great accomplishment from taking on the challenge of skydiving or mountain climbing or from working as a lineman on high-voltage electrical lines.
A risk is a potential future event that can have either negative or positive impacts on the project. However, if you mention the word risk in association with a project, the majority of people will immediately think of something negative. In my experience, the vast majority of the time that a risk event occurs, it has negative consequences. But risks are not always negative. There is the potential for positive consequences as a result of a risk occurrence.
Risk planning deals with how you manage the areas of uncertainty in your project. There are three major components to risk planning: identifying the potential risks to your project, analyzing the potential...