Lesson 47: Risk practice 4 – cause, event and effect

Question 1

What is a good formula to describe a risk?

Answer 1

Due to [risk cause], there is a risk that [risk event] will affect the project in the following ways [risk effect]. This way of describing a risk includes the risk cause, event, and effect.

Question 2

What is meant by risk cause?

Answer 2

The cause describes the source of the risk, such as the event or situation that causes it. These are often referred to as risk drivers.
They are not risks in themselves but are potential trigger points for risk. The cause may be either internal or external to the project.

They are not risks in themselves but are potential trigger points for risk. The cause may be either internal or external to the project.

Question 3

What is meant by a risk event?

Answer 3

The risk event describes the risk (area of uncertainty), which can be a threat or an opportunity.

Question 4

What is the risk effect?

Answer 4

The risk effect describes the risk’s impact on the seven project objectives, primarily considering benefits, time, and costs.