While working on a construction project, you submitted the required paperwork for an environmental permit on time. You are concerned that the permitting agency may take longer than planned to issue the permit. If this occurs, the project will be at least three weeks late, and may run over budget by at least

$20,000. Quality may also suffer, but you do not know how to quantify the quality degradation. The risk event in the above scenario is:

a. the project will finish at least three weeks late

b. the uncertainty that the project may run over budget

c. the degradation in quality

d. the permitting agency possibly taking longer than planned to issue the permit