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11 - PROJECT RISK MANAGEMENT






                        •  Risk appetite, which is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
                        •   Risk tolerance, which is the degree, amount, or volume of risk that an organization or individual will
                           withstand.

                        •   Risk threshold, which refers to measures along the level of uncertainty or the level of impact at which a
                           stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk.
                           Above that risk threshold, the organization will not tolerate the risk.
                     For example, an organization’s risk attitude may include its appetite for uncertainty, its threshold for risk levels
                   that are unacceptable, or its risk tolerance at which point the organization may select a different risk response.

                     Positive and negative risks are commonly referred to as opportunities and threats. The project may be accepted
                   if the risks are within tolerances and are in balance with the rewards that may be gained by taking the risks. Positive
                   risks that offer opportunities within the limits of risk tolerances may be pursued in order to generate enhanced
                   value. For example, adopting an aggressive resource optimization technique is a risk taken in anticipation of a
                   reward for using fewer resources.

                     Individuals and groups adopt attitudes toward risk that influence the way they respond. These risk attitudes are
                   driven by perception, tolerances, and other biases, which should be made explicit wherever possible. A consistent   11
                   approach to risk should be developed for each project, and communication about risk and its handling should
                   be open and honest. Risk responses reflect an organization’s perceived balance between risk taking and risk
                   avoidance.

                     To be successful, an organization should be committed to address risk management proactively and consistently
                   throughout the project. A conscious choice should be made at all levels of the organization to actively identify and
                   pursue effective risk management during the life of the project. Project risk could exist at the moment a project
                   is initiated. Moving forward on a project without a proactive focus on risk management is likely to lead to more
                   problems arising from unmanaged threats.
































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                   ©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK  Guide) – Fifth Edition   311


                                           Licensed To: Jorge Diego Fuentes Sanchez PMI MemberID: 2399412
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