📚 Project Vocabulary: Risk 🎲
Definition: An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. Risk management involves identifying, assessing, and responding to project risks.
Example: In an outdoor event project, a risk could be inclement weather. The project team would need to assess the likelihood and potential impact of this risk and develop contingency plans, such as securing an indoor backup venue.
Project risk is like a roll of the dice, but with careful planning, we can stack the odds in our favor. 🎲✅
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