MANAGEMENT

Detailed explanation-1: -The PMBOK® Guide describes risk as, An uncertain event or condition, that if it occurs, has a positive or negative effect on a project’s objective. The key element of this definition is that the effect of the uncertainty, if it occurs, may be positive or negative on the objectives of the planned endeavour.

Detailed explanation-2: -A project risk is an uncertain event that may or may not occur during a project. Contrary to our everyday idea of what “risk” means, a project risk could have either a negative or a positive effect on progress towards project objectives.

Detailed explanation-3: -Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective. A risk has a cause and, if it occurs, an impact.

Detailed explanation-4: -A project risk is simply ‘uncertainty that can affect outcome’. And when we classify risks, we focus on the types of impact that they can have: Schedule. Budget. Technology.