Re: Risk Management Sheet

> I'll also mention a neat definition of or maybe the measurable symptom of
> risk (wish I could attribute it correctly) as uncertainty in an estimate.
> If you look at a chunk of work and say "I don't know how long this will
> take because ..." you found a risk. I always used to say a risk was any
> threat to the schedule, but this says it in a more precise way. Identify
> the uncertainty and drive it out with one of them management patterns.

When I was teaching Business Decision Making, the definitions I used were:
Certainty: All outcomes are known
Risk: Insufficient information for certainty but enough information to
calculate probabilities of alternative outcomes occuring.
Uncertainty: Impossible to gauge probability of alternative outcomes
occuring.



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