2.1 Understanding Risk

Question 1

What is risk assessment?

Answer 1

• A major issue in asset management
• Defined as = items which threaten the outcome of a project
• Equated to = Risk x Severity

Question 2

What should a project manager be concerned with?

Answer 2

In order to strike a balance between perfromance and value the concern should be establishing:
* What needs to be done
* Resources required
* Timescale of project
* Project cost