CS 435 - Week 9 Lecture 1 - 2014-03-25

*   risk -
    "an exposure to the chance of injury or loss"
    implication: a CHANCE that something negative might happen

    implication: COULD be an adverse effect on cost, quality,
    or schedule;

*   risk management -
    an attempt to MINIMIZE the chances of such negative impacts;

    try to minimize the impact of risks on cost, quality,
    or schedule;

*   risk management begins where "normal" project management
    ends;

    COULD be said to deal with:
    *   identifying undesirable events that CAN occur,
    *   the probability of their occurring,
    *   and the loss/recovery if an undesirable event
        does occur;

	...with that in hand, strategies can be devised
	BOTH for reducing probability of the risk
	actually occurring, or dealing with it if it does;

*   so: risk management
    revolves around risk ASSESSMENT - what are the risks,
    and their likelihood?
    and risk CONTROL (what are we going to DO about them?)

    risk ASSESSMENT:
    several steps:  risk identification
    	    	    risk analysis
		    risk prioritization