The Likelihood of Project Risk

The Likelihood of Project Risk

Updated May 19, 2018

A best practice when it comes to planning for risk is not only identifying potential risks, but also estimating the probability a risk may happen. Knowing the probability a risk may occur can give you the information needed to know what time and energy should be put towards trying to minimize a risk. The higher the probability a risk may occur, the more attention a potential risk should receive. Low probability and you might just wait and see if the situation materializes before you put any energy towards it. The purpose of this course is to determine the probability a risk will occur, as well as the impact the risk may create. Therefore, to perform this exercise you should have a clear idea of the potential risks that could happen during the duration of your project. By completing this course, you will know how to consider both the impact and likelihood project risks will materialize. This course has been approved for 1 hour of PDU credit from PMI (Project Management Institute).