Quantifying Risk

Galway $(2004)$ discusses three risk elements that concern project management:

Schedule $-$ will the project be completed within the planned time frame?

Cost $-$ will the project be completed within the allocated budget?

Performance $-$ will the output from the project satisfy the business and technical goals of the project?

Where possible, these risks should be quantified to enable the project team to develop effective mitigation strategies for the risks, or to include appropriate contingencies in the project estimate.