ABSTRACT
A project brings about change, and change brings risks. Risks are inevitable in every project. Risk can be formally defined as ‘the chance of exposure to the consequences of future events’. It is not uncommon to hear people say, ‘This is a high-risk project.’ This statement by itself is of limited interest or value. We need far more detail. What are the actual risks? What are their causes? What is the probability of the risk occurring? How serious would the impact of that occurrence be? What can be done about it?
