PRINCE2 risk

A risk is an uncertain event or set of events that should they occur will have a material effect on the achievement of the project’s objectives (Time, Quality, Cost, Scope, Benefits)

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PRINCE2 goes further with this definition because it sees risk as having a positive and a negative effect:-

  • Threat – An uncertain event which if it was to occur would a have a material negative effect on the projects likelihood of achieving its objectives. These are the ones we tend to concentrate on !
  • Opportunity – An uncertain event which if it was to occur would have a favourable and advantageous effect on the projects likelihood of achieving its objectives.

 

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