PM.348.WC1 Project Risk Management

Exercise 3 - What's known, unknown, controllable, and uncontrollable

Questions to answer:

At the broadest level, we know that project risks can categorized as:

• Known, Controllable Risks
• Known, Uncontrollable Risks
• Unknown risks

Consider the level of scrutiny and rigor that you would put into expenses indicated below. What are the known and unknown risks inherent in each?Identify and compare the risks you may encounter. Would those risks change if the same purchases were made for someone else instead of yourself?

a) Coffee ($2)

b) Dinner ($20)

c) Coat ($200)

d) Couch ($2000)

e) Wedding ($20,000)

g) Bay Area home ($2,000,000)