27d ago (edited) in PMP Discussion
Fear of an unexpected event, is not a risk since a risk is expected (i.e. you can plan for it), an unexpected risk should be covered by the management fund.
If a project manager is worried about unexpected events that could threaten the project's success. What is the first thing the PM should do?
- Identify project risks, then assess those risks
- As the sponsor for additional funding to cover unexpected risks
My thinking is answer 2, because a risk that you expect (whether the probability of it happening is low or not) is a risk that you have identified and can plan for. If unexpected risks occur then you have a management reserve fund for that. While the contingency fund is kept for planned risks.
What do you think?
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4 comments
Fear of an unexpected event, is not a risk since a risk is expected (i.e. you can plan for it), an unexpected risk should be covered by the management fund.
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