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Business & economics · University

Risk and change

An uncertain event or condition that could affect objectives.

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Prerequisites

No prior project-management course required.

Study notes

Risk

An uncertain event or condition that could affect objectives.

Mitigation

An action intended to reduce risk likelihood or impact.

Issue

A problem that has already occurred and needs management.

Change control

A defined process for evaluating and approving changes to scope, schedule or other baselines.

Worked examples

Which term best matches this description: An uncertain event or condition that could affect objectives.

Risk is the matching concept in this lesson.

Risk

Which term best matches this description: An action intended to reduce risk likelihood or impact.

Mitigation is the matching concept in this lesson.

Mitigation

Check your understanding

  1. Which concept would you apply first in a situation where a problem that has already occurred and needs management.

    1. Risk
    2. Change control
    3. Issue
    4. Mitigation

  2. Name the concept described as: A defined process for evaluating and approving changes to scope, schedule or other baselines.

  3. Which statement about Risk is most accurate?

    1. A problem that has already occurred and needs management.
    2. A defined process for evaluating and approving changes to scope, schedule or other baselines.
    3. An action intended to reduce risk likelihood or impact.
    4. An uncertain event or condition that could affect objectives.

  4. Explain one important difference between Risk and Mitigation.

Answers and marking guidance

Answers and marking notes
  1. Issue

    The scenario directly calls for Issue.

  2. Change control

    The intended concept is Change control.

  3. An uncertain event or condition that could affect objectives.

    The definition in the lesson notes gives the required condition.

  4. Risk: An uncertain event or condition that could affect objectives. Mitigation: An action intended to reduce risk likelihood or impact.

    Credit a clear distinction using both definitions and an appropriate example if supplied.

Further reading and review references

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