Question: Can you put this into Three paragarphs Known Risks with Predictable Outcomes: Definition: These are risks that you are aware of and have a clear
Can you put this into Three paragarphs Known Risks with Predictable Outcomes:
Definition: These are risks that you are aware of and have a clear understanding of how they will affect your project if they occur. Their impact and likelihood are quantifiable.Example: If you know there is a delay in the delivery of countertop materials, you can predict it will push your timeline by a week.
Known Risks with Uncertain Outcomes:
Definition: These risks are known but their outcomes are less certain. You might be aware of the risk, but the extent of the impact is not easily predictable.Example: Discovering structural issues when removing old cabinets might affect your timeline or costs, but the exact impact is uncertain until an assessment is made.
Uncertain Risks:
Definition: These are risks that are neither predictable nor well understood. They arise due to unforeseen circumstances and can have varied impacts.Example: A sudden increase in material costs due to market fluctuations, which could affect the budget unexpectedly.
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