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Project risks are a fact of life that every project manager must deal with. “Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope or quality,” as defined by the Project Management Institute’s A Guide to the Project Management Body of Knowledge – Third Edition. Managing project risk involves analyzing and prioritizing risks so that the project manager and the team can focus their mitigation effort on the top risks.
Many project managers are familiar with analyzing risks on a project level. This works well for scope and quality risks; however, it is the task-related risks that can negatively affect the accuracy of the schedule and cost estimates and thus negatively affect the delivery of the tasks – and, ultimately, the success of the project.
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