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One view of risk that is common in the management science is that risk can be thought of in terms of predictability and uncertainty. ...
Risk management is a broad subject area spanning numerous disciplines and there is no single “correct” definition.
Throughout the years, many scientists tried to specify, categorise, identify and calculate the risk of a project. Many activities have been created in order to calculate uncertainty and calibrate risk. However the most common and known risk management process is broken to three basic steps. ... Risk Identification
“When attempting to identify risk, it is rather like trying to map the world which is always centred on the location of the map maker. ... To understand this better it is useful to analyse risk in terms of its components. The source – event – effect chain is one of the best and useful tools for this stage of the risk management framework. ... 1)
The source of a risk refers to the stages – phases of the project environment from where the risk is generated. The risk event refers to the actual appearance of a risk in a specific part of the project or in the entire project.
Approximate Word count = 859
Approximate Pages = 3.4
(250 words per page double spaced)
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