Les 44: Risk practice 1 - Purpose

Question 1

What is the purpose of the PRINCE2 risk practice?

Answer 1

The purpose of the PRINCE2 risk practice is to identify, assess, and control uncertainties and, as a result, improve the project’s ability to succeed.

PRINCE2 is a structured project management method and practitioner certification program.

Question 2

How would you define a risk?

Answer 2

A risk is an uncertain event that will affect the achievement of objectives if the risk occurs.
A risk is something that may happen that will affect the project.

A risk is something that may happen that will affect the project.

Question 3

How is risk measured?

Answer 3

A risk is measured by the likelihood of a perceived threat or opportunity occurring and the magnitude of its impact on objectives.

This involves assessing both the probability of occurrence and the potential consequences.

Question 4

What is a risk opportunity?

Answer 4

Opportunities are seen as positive for the project and can benefit the project.

These are situations that, if they occur, could enhance project outcomes.