Talking about Risk is really challenging🙂 Because risk always sounds negative and we feel it needs to be avoided by any means. Risk is a part of everyone’s everyday life. Here is a real story:
I was on the other side of the road. ‘Walk signal’ was still on, but only 2 seconds to cross. My heart was beating fast. I was running across the zebra crossing – my eyes were moving rapidly between the signal light and the vehicles which were waiting to cross. I almost crossed three-quarter of the road and the signal changed to ‘Stop’. I increased my running speed as vehicles started moving and a life was at risk. Anytime accident could have happened. But I some how managed to escape.
Leaving the real life experiences apart, as a project manager, we need to love Risks and consider them opportunities to gain more control over the project against probable uncertain events. Here is the definition of Project Risk:
Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective.
Uncertainty is the one which makes Risk management more interesting than any other in Projects. Identifying, analyzing, monitoring and responding Project risks is really a challenging.
. PMBOK® Guide – 3rd edition – Page #. 8