Known and Unknown
What are ‘known’ risks?
‘Known’ risks are somewhat predictable & proactively managed. ‘Known’ indicates those risk that can be identified, analyzed & planned in advance.
What are ‘unknown’ risks?
Unknown risks are those unable to anticipate and describe. Unknown risks cannot be managed proactively. These risks that result from the uniqueness of the work and they are difficult or impossible to anticipate.
For any project, before starting risk management planning process, ‘Unknown’ risks would be high. But through proper Risk Management Planning process, almost all risks can be explored which keeps ‘unknown’ risks to a minimal number?
In ideal situation, 0% ‘Unknown’ risk possible!(?)