Known Risks are those risks where the Risk is Clear and there is no unknown information about the risk. In other words No Uncertainty Exists
This is related to our fortune which can not be forecasted but anything which is scheduled, happens with each of us always.
Risk Management is usually provided by the Project Manager. Managing risks, the project team, and the stakeholders are one of the main responsibilities of the Project Manager.
Project management courses offer training in areas such as project initiation; risks, estimates and contracts; planning; building and leading the team; and Standards, methodologies and reflections.
Known Unknowns are those risks where we are well aware of the risk but we do not know when it will occur or what the impact will be. For ex: When we buy a car, we know that it needs to be serviced regularly otherwise it will breakdown. This is a known risk. Just exactly when the car will breakdown is the unknown part of this risk. Isn't it?
The key responsibilities of the Project Manager include: - Apply a Project Management framework to the project - To plan/monitor the project - Manage project risks - Manage change control
In Project Management Terms: Risk Management is a process dedicated to identify, analyze, and respond to project risks.
This is related to our fortune which can not be forecasted but anything which is scheduled, happens with each of us always.
Risk Management is usually provided by the Project Manager. Managing risks, the project team, and the stakeholders are one of the main responsibilities of the Project Manager.
The only reason for risk management to fail is if the risks weren't adequately identified and inproper management at the beginning of the project.
International Project Management Association, also known as IPMA is a national project management organization based out of The Netherlands.
Project management courses offer training in areas such as project initiation; risks, estimates and contracts; planning; building and leading the team; and Standards, methodologies and reflections.
Known Unknowns are those risks where we are well aware of the risk but we do not know when it will occur or what the impact will be. For ex: When we buy a car, we know that it needs to be serviced regularly otherwise it will breakdown. This is a known risk. Just exactly when the car will breakdown is the unknown part of this risk. Isn't it?
The key responsibilities of the Project Manager include: - Apply a Project Management framework to the project - To plan/monitor the project - Manage project risks - Manage change control
The question probably should be rephrased. Risks are not generic, they're different for every project. Usually in the risks are compiled during Risk Analysis.
The importance of a project contingency plan is that it allows the Project Manager to deal with known risks with more confidence. Contingency planning prevents the "panic mode" situation when we face risks, as it incorporates risks into the schedule.
The purpose of the Risk Management Plan is to define how risks will be managed, monitored and controlled throughout the project.
Business risks are more general than project risks. Business risks affect the whole business, while project risks may only affect the project. Note the "may" here, as business risks can (and usually are) risks to the project, but the opposite is not necessarily true.