Risk is Like the Five Stages of Grief

The PMBoK 4th Edition offers several risk related definitions.  I saw a trend that was very similar to the Kübler-Ross model, commonly known as the five stages of grief.  The following are a few actual risk related definitions from the PMBoK.  I hope you find them useful.

PMBoK 4th Edition

Risk - An uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives.

Risk Avoidance - A risk response planning technique for a threat that creates changes to the project management plan that are meant to either eliminate the risk or to protect the project objectives from its impact.

Risk Mitigation - A risk response planning technique associated with threats that seeks to reduce the probability of occurrence or impact of a risk to below an acceptable threshold.

Risk Tolerance - The degree, amount, or volume of risk that an organization or individual with withstand.

Risk Transference - A risk response planning technique that shifts the impact of a threat to a third party, together with ownership of the response.

Risk Acceptance - A risk response planning technique that indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy.

Kübler-Ross model

  1. Denial
  2. Anger
  3. Bargaining
  4. Depression
  5. Acceptance

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