Reducing the Cost of "Risk"
Risk is never eliminated, at best it is managed and at worst it negatively impacts the project outcome. Our industry talks a lot about Risk Allocation , but allocating risk does not, in and of itself, manage the impact of risk. To manage risk is to mitigate its impact on (among other things) the project cost. Stated differently: risk is never eliminated, it's impact can only be mitigated through proper management. I believe the first step toward its proper management is "communication". YouTube Video "Risk Profiles" Reducing the cost impact from risk through "communication" is a simple concept. If I understand exactly what you need as a consumer, I'm in a better position to know what to delivery, know its delivery will satisfy you, I can deliver it at a lower cost, and I can possibly exceed your base-line expectations. To directly relate this to Project Delivery, let's consider what "communicate", "need", "satisfy...