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Risk


Factor, element, constraint or course of action that introduces an uncertainty of outcome, either positively or negatively that could impact project objectives.

The likelihood of an event, hazard, threat, or situation occurring and its undesirable consequences; a potential problem.

(1) The magnitude of harm which an individual could cause to the national interest by virtue of occupancy in a position or performance of an activity.

(2) The opportunity that an individual would have for effecting harm; and

(3) The extent to which any harm effected would be correctable.

Factor, element, constraint, or course of action that introduces an uncertainty of outcome, either positively or negatively that could impact project objectives. This definition for risk is strictly limited for risk as it pertains to project management applications in the development of the overall risk management plan and its related documentation and reports.

A quantitative or qualitative expression of possible harm, which considers both the probability that a hazard will cause harm and the amount of harm. (Alternate definition: an estimate of the probability of occurrence of a hazard-related incident and the severity of the consequence associated with the incident.)

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