Risk Tolerance

Difference between Risk Appetite, Risk Tolerance, and Risk Threshold

What is The Difference Between Risk Appetite, Risk Tolerance and Risk Threshold?

In the past few PMP® Certification Facilitation sessions, many professionals have been asking me – What the Difference between Risk Appetite, Risk Tolerance, and Risk Threshold.  Thus, I thought of explaining the same in my next blog post. Here, we will discuss each term in detail and study the differences. Now, the question is –  What is the primary reason for the confusion among these terms? I observed the following crucial reason  – All these three terms reflect the attitude…

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Difference between mitigation and contingency plan

Know the Difference between Mitigation plan and Contingency Plan

A project manager and the team have a high reliance on delivering a successful project. The team has to explore risk factors that may impact the project.  For these risks, effective responses are a necessity.  Risk mitigation and contingency response planning are one of them.  But, it confuses many for the underlying differences. In this blog, I am addressing these response strategies and the difference between mitigation and contingency plan. Let’s begin with PMBOK® Guide definitions of Mitigation and Contingency…

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Difference between Quantitative and Qualitative Risk Analysis

We start each project to get some business benefits. We design it to achieve users and other stakeholder’s satisfaction. And we build it to improve organization KPIs. But, we live in a world where the project faces many uncertainties. These uncertainties or risks can prevent us from achieving our project goals or objectives. So, it is critical that we identify them in time to take care of their affective responses. The more we know our risks, the more we can…

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