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Chapter 2: Uncertainty, risk and opportu... > Evaluating risk for option choices

Evaluating risk for option choices

An important feature of the Table 1.3 lifecycle structure discussed in Chapter 1 is the inclusion of evaluation steps highlighting the desirability of explicit attention to go/no-go/maybe decisions at each stage of the lifecycle, from concept shaping through to termination. However, the scope of decision options in the project lifecycle goes beyond these go/no-go/maybe decisions; it also includes evaluation of choices of all kinds between alternative ways of proceeding, and alternative ways of addressing risk and opportunity in particular.

Most common practice risk management processes do not address the problem of choosing between alternative options whose outcomes are uncertain. Yet this is a key part of the process of moving from assessment of risk and uncertainty, identifying possible responses, and then taking appropriate action.


  

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