Give one example each of a known known , known unknown , and unknown unknown you have encountered on previous projects. In any project, risks are inbuild. Project manager need to make sure to identify the risks as early as possible and work on finding solutions for them in appropriate time. Risks can be categorized as Known Known, Known Unknown and Unknown Unknown. Let's discuss each of them in brief below. Known Known:Known known is the scenario where we know the risk is and its impact during the planning phase itself {Kloppenborg et al.,2017 ). Project manager is well aware of the situation and can manage the risk efficiently. Most of times, known known risk is not stated as risk, and it is stated as fact. Example: I'm being a project manager, builds the project plans with budget and timeline specifics. I'm aware that few of the projects involve, extra efforts of skilled resources which inturn needs extra budget. I don't treat that as a risk but that is stated as fact with any type of major project. I plan some extra resources and budget accordingly to avoid the risk later. Known Unknown : Known Unknown is a bit similar to known known, but here probability of risk happening is unknown {Kloppenborg et al., 2017 I. This type of risks identied during risk identification and can be uncovered during Initializing or planning phase. These may or may not occur. In this case, Contingency reserves will be used as a method of estimating costs. Example: My team works on launching insurance products through out the United states and we primarily deal with Government authorities like Department of Insurance (DOI) for getting approvals. Due to rapidly spread of COVID-19, DOI employees may or may not be available to review the Product launch proposal and filing documents and that may lead to delay in the process. Team might need to consider if any of the DOI personal available to reach out through online instead of face-to-face. Unknown Unknown :Unknown Unknown is the last type of risk,where both risk and probability of occurrence , both are unknown {Kloppenborg et al., 201? }. Most of the time , understanding the impact in terms of time and budget will also be difficult .We will not know until a particular situation occurs and it will be usually uncovered during the execution phase. Management reserves will be used to cover the situation Example: When Iwas working for one of the automobile company, government banned some types of vehicles from market due to smoke emission regulations.That decision from government was so sudden and my company have seen losses, due to the reason that company doesn't have any idea about the cars that are already manufactured. Another example is COVID-19, as the spread of the decease is unknow, vaccine for the decease is unknow, impact on the market is unknown, my company shares and profits fell by 30% and it impacted most of the employees. My company started laying off non-essential employees. It also impacted most of the projects currently in progress
