Impact vs. Probability

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Abstract

All organizations activities involve risk. Risks are events caused by uncertainties, which can have a positive or negative effect on the activities objectives. As all projects are unique, the associated risk varies between projects. Therefore, Risk Management is an important part of any organizations as proper management increases the success of a project [1]. Risk management involves identifying possible risks, analyzing each risk potential in order to respond to and control the most significant threats and opportunities Cite error: Closing </ref> missing for <ref> tag [2] [3] [4]

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  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Winch
  2. ↑ Maylor, H. (2010) Project Management, Fourth Edition. Harlow, England: Pearson Education Limited
  3. ↑ Curtis, P. & Carey, M. (2012) Risk Assessment in Practice. Deloitte & Touche LLP
  4. ↑ The MITRE Corporation. (2014) MITRE Systems Engineering Guide. The United States: MITRE Corporate Communications and Public Affairs
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