3 Levels of Uncertainties for Project Risks
LAST UPDATED ON: 26TH AUGUST, 2019
Levels of uncertainties have to do with the assessment of risks based on how much is known about the source and effect of risk. These are often described as knowns, knowns -unknowns, and unknowns-unknowns.
These are items that you know would affect you, and for which you can roughly predict the nature and extent of the effect on your project.
When we are analysing levels of uncertainties for projects, we also have some risks that fall under known-unknown. These are items you know could affect you, although you are not able to predict how or how much they will affect you.
#3 UNKNOWN UNKNOWN
These are items that you know are beyond your ability to foresee, predict, or prepare for. In this case, you did not see those risks coming and you are not able to predict the extent of the damage to the project.
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