ABSTRACT
Risk management activities are designed to assist the project manager and team members in understanding project risks and the probability and consequences of failure, and to plan appropriate responses. Risk has two components: the probability of failing to achieve a particular outcome and the consequences or impacts of failing to achieve that outcome. Technical risk is the risk associated with the evolution of the project work affecting the level of performance necessary to meet the specified requirements of the deliverable items or the operational requirements. The intent of the risk identification step in the risk management process is to come up with a list of all the sources of risk and risk events that may be expected to affect the project significantly. Risk assessment is a process by which potential problems and identified risks are analyzed and quantified to classify the risks according to their potential severity.
