ABSTRACT
Risk cannot exist in a vacuum. We can only speak of a “risk to” something, and in project terms, we are interested only in risks to project objectives. This is captured in our definition of a risk as “Any uncertainty which, if it occurs, would affect one or more project objectives.” An essential prerequisite to being able to identify risks is therefore a clear understanding of project objectives. This is delivered through the Definition phase (Chapter 3), either by reference to a pre-existing project charter or by explicit statement of objectives.
