Project risk can be simply defined as any possible event that can negatively affect the viability of a project and can be computed using the simple relation:

Project Risk = Probability of event * Consequences of event

Lets investigate the quantitative risk identified for a company, last year.

Q: What are all the risk mitigation strategies available to this company (in the example above)? What specific mitigation options would you recommend to the corporation?

To reduce the total risk factor by one level (i.e., High to Medium or Medium to Low) what would be your focus among the four probabilities of failure and four consequences of failure listed?

Probability of Failure Category	Probability of Failure	Consequences of Failure Category
Process Maturity	30%	Performance = 55%
Technical Complexity	25%	Schedule = 75%
Vendor Dependency	30%	Cost = $55
Workforce Availability	10%	Reliability = 20%