IT Projects: Alternative Approach to Risk Quantification

Our Project Estimate team hears the following question all the time from our clients: "Is the risk pool too large or not big enough?

Image courtesy of Grok 2.

Here's an alternative approach to risk quantification.

Identify your unknowns. Scenario plan for them. Quantify and then Control.

The Unknowns you ask? Well, there are at least two types.

• Known Unknowns

• Unknown Unknowns

Let's review and discuss...

Known Unknowns (KUs):

• Definition: Events we can predict based on past experience, but the…