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Unknown Factors

"From the project management trenches, there is no way to anticipate, predict, and mitigate every project variable - without a substantial increase in the cost and timeline of the project. However, employing an effective risk management process that regularly reviews high probability, high impact risks will help the extended project team understand the expected behaviors when a risk comes to fruition. Events that cannot be accommodated in a project plan need to trigger a project rescue."

The above is an excerpt from a book written by Sanjiv Purba and Joseph Zucchero, published by McGraw-Hill/Osborne, 2100 Powell Street, 10th Floor, Emeryville, California 94608 U.S.A. Sanjiv has over 20 years of experience managing large projects and many years engaged in rescuing ailing projects.

Both the PMBOK®  and AceIt® include a chapters that deal effectively with Risk Management. Reading and understanding this section will go a long way to providing the risk management process referred to here.