A risk is an uncertain event or condition that, if it occurs, affects one or more project objectives. Importantly, a risk can be negative (a threat) or positive (an opportunity).
Risk vs. issue: a risk hasn't happened yet; an issue already has. Risk management aims to reduce how many risks turn into issues.
The steps: identify risks and record them in a risk register, assess each one by probability and impact, plan responses, then keep monitoring.
Common threat responses: avoid (change the plan to remove the risk), transfer (e.g. insurance), mitigate (reduce probability or impact), and accept (sometimes with a contingency plan). Opportunities have matching responses such as exploit, enhance, and share.
๐ก Key points
- A risk is uncertain and hasn't happened; an issue has.
- Risks can be threats or opportunities.
- Rate each risk by probability ร impact to prioritize.
- Threat responses: avoid, transfer, mitigate, accept.
๐ Real-life example
An outdoor summer event: the risk of extreme heat. Mitigate: provide shade and water. Transfer: buy cancellation insurance. Avoid: move the event to an air-conditioned hall.
๐ Key terms
| English | ุงูุนุฑุจูุฉ |
|---|---|
| Risk | ุฎุทุฑ |
| Issue | ู ุดููุฉ / ูุถูุฉ |
| Risk Register | ุณุฌู ุงูู ุฎุงุทุฑ |
| Probability and Impact | ุงูุงุญุชู ุงู ูุงูุฃุซุฑ |
| Mitigate | ุชุฎููู |
| Opportunity | ูุฑุตุฉ |