Every project plan, every estimate, carries embedded within it elements of risk. Risk is uncertainty. To address this uncertainty, we use expert estimators, past experience and best guesses. MS Project and most project management tools record these best estiates. But what really happens, as every project manager knows, is not always what is on the project plan. The best estimates are often just estimates. Risk Management is a vehicle for looking at the uncertainty in these estimates, measuring it, examining the consequences and deciding what to do about them. It is the next step in PROACTIVE Project Management.
“It’s what you don’t anticipate that comes back to bite you.”