Five Easy Pieces

Remember risk management has five easy pieces:

  1. Hope is not a strategy
  2. No single point estimate of cost or schedule can be correct without knowing the variance
  3. Cost, Schedule, and Technical Performance are inseparable (this is the REAL Iron Triangle)
  4. Risk management requires adherence to a well defined process
  5. Communication is the Number One success factor in Risk Management

From: Herding Cats

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