ABSTRACT
Every project is risky, meaning project outcomes won’t turn out as planned. The project could significantly overrun cost or schedule targets, or the end-item may fall short of requirements. Project outcomes result from many things, including some that are rather unpredictable and over which project managers have little control. Risk level is associated with the certainty that outcomes will be as expected. Highcertainty outcomes have low risk; low-certainty outcomes have high risk. Certainty derives from knowledge and experience gained in prior projects as well as management’s ability to mitigate anticipated risks and respond to emerging problems.2
