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: -: possibility of loss or injury : peril. : someone or something that creates or suggests a hazard. 3. : the chance of loss or the perils to the subject matter of an insurance contract. also : the degree of probability of such loss.

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: -Risk is now defined as the “effect of uncertainty on objectives”, which focuses on the effect of incomplete knowledge of events or circumstances on an organization’s decision making.