What Is a Project Risk?

D.

Risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective.

Project risk is concerned with the expected value of one or more results of one or more future events in a project.

It is an uncertain condition that, if it occurs, has an effect on at least one project objective.

Objectives can be scope, schedule, cost, and quality.

Project risk is always in the future.

Incorrect Answers: A: Risk is not unknown, it is uncertain; in addition, the event can affect at least one project objective - not just the project scope.

B: This statement is almost true, but the event does not have to happen within project execution.

C: Risks can affect time, costs, or scope, rather affecting only cost.

The correct answer is D. A project risk is an uncertain event that can affect at least one project objective.

Explanation: A risk is an uncertain event or condition that can have either a positive or negative impact on a project's objectives. Risks are an inherent part of any project, and managing them is critical to the success of the project.

Option A - "An unknown event that can affect the project scope" - While it is true that risks can be unknown, not all unknown events necessarily qualify as risks. Additionally, a risk does not necessarily have to affect the project scope, so this definition is not accurate.

Option B - "An uncertain event or condition within the project execution" - While risks are indeed uncertain events or conditions, this definition is not complete. The definition only describes a risk as an event or condition within the project execution, which is not necessarily accurate.

Option C - "An uncertain event that can affect the project costs" - While risks can certainly affect project costs, this definition is not complete. A risk can affect any project objective, not just project costs.

Option D - "An uncertain event that can affect at least one project objective" - This is the most accurate definition of a project risk. A risk is uncertain, meaning it may or may not occur, and it has the potential to affect one or more project objectives, such as scope, cost, schedule, quality, or stakeholder satisfaction.

Therefore, the most accurate definition of a project risk is that it is an uncertain event that can affect at least one project objective.