Chapter 17. Risk Management. RISK MANAGEMENT. RISK MANAGEMENT FOCUSES ON THE FUTURE RISK AND INFORMATION ARE INVERSELY RELATED. RISK MANAGEMENT (CONT.). HISTORICALLY, WE FOCUSED OUR ATTENTIONS ON SCHEDULE AND COST RISK MANAGEMENT.
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Risk = f(Likelihood, Impact)
Risk = f(Hazard, safeguard)
Hazard: source of danger
Safeguards: ways of overcoming
Hazard up risk up
Safeguard up risk down
Decision making under uncertainty