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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
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In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

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Home » Glossary » What is Project Risk?
What is Project Risk?  

What is Project Risk?


Project risk can be regarded as a combination of probabilities of an event and its possible outcomes that are achieved within the lifecycle of some project. It covers threats and uncertain circumstances that may have an impact to a project as a whole or to certain results of the project in particular.

Project risks are usually combined into a single factor that negatively affects success of the project. Such a factor should be considered during the planning phase in order to increase the likelihood of successful project completion. Risks are opposite to opportunities which are another factor having a positive impact to the project. So when we talk about project success, we mean estimated probabilities of occurring both negative and positive factors (risks and opportunities).

Project risks are managed under an appropriate process. The risk management process is initiated during the planning phase of a project and performed throughout the entire lifecycle until the project is successfully completed and its product is delivered to the customer. The process has the following steps:

  • Identification. It is to identify possible events and circumstances having negative or positive effects to the project.
  • Analysis. This step is to analyze identified risks and opportunities and then find ways for mitigating or eliminating the risks and exploiting the opportunities.
  • Estimation. It is about estimating every analyzed risk and opportunity in order to develop a system of measurements for further monitoring and control.
  • Control. The final step is to track status of every risk and opportunity, measure their impact to the project, and take corrective actions in case some risk or opportunity gets out of control.

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