Before I close my series of posts on project risk I thought I should address a related topic: project opportunity. Risk management is concerned with potential unplanned events that impact a project negatively. In contrast, opportunity can have a positive affect on the project. Moreover, project opportunity should be managed in broadly the same way as project risk.
The purpose of the risk matrix is to determine the risk category (very low, low, medium, high, and high*) so project risk may be addressed according to the impact on project schedule, cost, and benefit.
It is easy to be brave when far away from danger. – Aesop
In January of 1979, the city of Washington, D.C. suffered an unusually large snowfall. Due to a lack of functioning snow plows, traffic quickly ground to a halt.
Reporters descended on the new mayor, Marion Barry, asking him for his plan for snow removal. Barry scowled, and then growled, “Spring.”