ABSTRACT
The opening quote at the beginning of this chapter is about taking risk, venturing out and discovering what is out there, and exploring what exists within or outside the realm of possibility. Risk management is the process of identifying, analyzing, and recognizing the various risks and uncertainties that might affect a project. Change can be expected in any project environment. Change portends risk and uncertainty. Risk analysis outlines possible future events and their likelihood of occurrence. With the information from risk analysis, the project team can be better prepared for change with good planning and control actions. By identifying the various project alternatives and their associated risk, the project team can select the most appropriate courses of action.
