Risk - Definition - Risk analysis and management

Q.  What is Risk?
- Published on 14 Aug 15

a. Negative consequence that could occur
b. Negative consequence that will occur
c. Negative consequence that must occur
d. Negative consequence that shall occur

ANSWER: Negative consequence that could occur


  • Prajakta Pandit   -Posted on 05 Nov 15

    - Risk is a negative consequence that could occur.

    - It is future uncertain events with a probability of occurrence and a potential for loss.

    - Risks are identified, classified and managed before actual execution of program. These risks are classified in different categories, such as:

      - Schedule Risk : It is the risk that the project takes longer than schedule.

      - Budget Risk : Budget should provide an accurate forecast of anticipated revenues and a roadmap for appropriate sending. Effective budgeting and forecasting are vital components of sound risk management.

      - Operational Risk : It is the risk remaining after determining financing and systematic risk and includes risks resulting from breakdowns in internal procedures, people and systems.

      - Technical Risk : It is simply the risk associated directly with the knowledge base being employed and its technical aspects including such things as understanding, reproducibility and the like.

      - Programmatic Risk : This risk exists in the business environment not related to the technical issues.

    - Risk is a possibility, not a certainty.

Post your comment / Share knowledge

Enter the code shown above:
(Note: If you cannot read the numbers in the above image, reload the page to generate a new one.)