Define the term risk in risk management, Project Management

Define the term risk in risk management.

Risk:

It is the probability or chance of something which may or may not arise; this is something that can be quantified by using standard deviation.

Uncertainty:

It is something that cannot be predicted along with statistical confidence, normally because of insufficient information.

Related Discussions:- Define the term risk in risk management

Briefly discuss features of learning organizations, Question 1: (a) Br...

Question 1: (a) Briefly discuss features of learning organizations. (b) Identify two pitfalls in implementing ‘Citizen's Charters' in public sector organizations. Ques

What are the major characteristics of a project, Question: (a) What ar...

Question: (a) What are the factors to consider while choosing an appropriate Project Management Structure? (b) What are the major characteristics of a Project? (c) Out

Explain the reasons for conflicts in project management, Question : Con...

Question : Conflict refers to any situation in which there are incompatible goals, thoughts or emotions within or between individuals or groups. For effective management of con

Effects and four types of risks in engineering projects, Question Using...

Question Using a project drawn from your own experience, discuss the following- (a) What are the two primary stages of risk management of a project? (b) What are the four

A Grid Analysis (Weighted Scoring Model) to, I need a decision matrix- a Gr...

I need a decision matrix- a Grid Analysis (Weighted Scoring Model) to Help Make the North American Plant Location Decision for the RX 330 I need the acual model calculated based

Types of sampling risks, T y pes of Sampling Risks A guarantee that e...

T y pes of Sampling Risks A guarantee that every defective item in a lot would be found cannot be stated by neither sampling nor 100% inspection, 100% inspection has the risk

Principle of total quality management, 1. Objective ( Theme ) : Continuous...

1. Objective ( Theme ) : Continuous quality improvement at every level at every place and at every stage. 2. Approach :Management involvement and leadership, Empowering s

How are carrying costs varied with quantity order, How are carrying costs v...

How are carrying costs varied with quantity order? Carrying Costs, that vary along with quantity ordered, contained as a. There Interest on capital investment b. There Co

How is inventory procurement costs expenditure connected, How is Inventory ...

How is Inventory procurement costs expenditure connected? Inventory procurement costs that consists of expenditure connected along with as a. Its Receiving quotations b.

Functional organisation structure, Functional organisation In this type...

Functional organisation In this type of organisational structure people are grouped into functional divisions such as production or marketing. Every employee reports to a super

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages