3 Levels of Uncertainties for Project Risks

levels of uncertainties

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.  

3 Levels of Uncertainties for Project Risks

#1 KNOWN

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.

 

#2 KNOWN-UNKNOWN

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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