What is risk threshold?
Risk threshold is a level of uncertainty and impact from risk below which an organization an organization will accept a risk and above which an organization will not accept a risk. Similarly to risk tolerance, risk threshold is expressed in measurable units together with the probability of occurrence. The risk thresholds are usually set at individual project activity level. This helps to quantify the impact and probability more accurately.
What is risk attitude?
The risk attitude of an organization will define the way it will act when a risk will occur on a project. Planning a specific risk response is an integral part of the risk management process. A four-step process begins with identifying potential risks and carrying out risk analysis, followed by selecting a risk response in accordance with ...
What is risk tolerance?
Risk tolerance is a range and is usually expressed as a percentage below and above the planned value - either project budget or schedule.
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