If you say the word “risk” to ten people, each person may think of something different— insurance, threats, investments, bets, or potential loss. As we manage project teams, it’s critical that you and your team members have a common understanding of what project risk means. Otherwise, people will be confused by your risk management efforts.
It is no wonder that there is so much confusion about the meaning of risk. Many credible sources provide conflicting definitions. The Merriam Webster dictionary defines risk as “the possibility of loss or injury: peril.”
Risk management standards, guides, and methodologies define risk in many different ways. Some include the possibility of positive risks or opportunities; others do not.
Risk. An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. —PMBOK® Guide – Seventh Edition
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As projects start, project managers should work with the project …
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