Planning for Risks

Every one of us takes risks on a daily basis. Just getting out of bed in the morning is a risk. You might stub your toe in the dark on the way to the light switch or trip over the dog and break a leg. These events don’t usually happen, but the possibility exists. The same is true for your project. Risk exists on all projects, and the potential that a particular risk will occur depends on the nature of the risk.

Risk, like most of the elements of the other Planning processes, changes as the project progresses and should be monitored throughout the project. As you get close to a risk event, that’s the time to reassess your original assumptions about the risk and your plans to deal with the risk and to make any adjustments as required.