The composition of project risk events

Three Factors:

• Event Description

  • Precisely what might happen to the project

    It includes both
    
    Recurring: Scaled events - severity increases
    with decreasing frequency
    Non-Recurring: Discrete events, one time only

  • Probability

    • How likely the event is to occur
  • Impact or Amount at Stake

    • Severity of the consequences to the project

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