What are the known unknowns and the unknown unknowns of the project?

Known Unknowns are assumptions that we haven't or can't validate. Most assumptions identified during project planning start in this category. Assumptions that can become known knowns at some point in the future, but not now. Assumptions that can't become known knowns because we can't control them.

Then, what is the meaning of known to unknown?

A known unknown is information whose existence someone is aware of but does not possess. Known unknowns are what drives many scientific experiments, search engine and database queries, business intelligence (BI) and data analytics, among other channels of inquiry.

Subsequently, question is, how do you manage an unknown risk? The paper lists five emerging strategies for coping with unknown risks:

Use “reverse stress testing” to identify vulnerabilities.
Manage crises as if they occur every day.
Enable a company-wide response to emerging threats.
Integrate risk management and strategic planning.

Similarly, you may ask, what is a known unknown risk?

Known unknowns are the risks that the organization is aware of but is unaware of the size and effect of the risk. An organization may know that there is a risk that rain may affect business operations, but the lack of knowledge about how much rain there will be makes it hard to make concrete plans.

What is the difference between known and unknown risks in a project?

Differences between known risks and unknown risk Known risks can be identified, analyzed & planned in advance whereas unknown risks are unable to anticipate and describe. One effective way is to list down all the known risks associated with the project and brainstorming about all other possible risks that may occur.

30 Related Question Answers Found

How do you describe an unknown person?

Definition of 'unknown'

adjective. If something is unknown to you, you have no knowledge of it.
adjective. An unknown person is someone whose name you do not know or whose character you do not know anything about.
adjective. An unknown person is not famous or publicly recognized.

What does unknown mean in math?

In mathematics, an unknown is a number we do not know. They are commonly used in algebra, where they are called variables. In science, an unknown value is represented by a letter in the Roman or Greek alphabet. When letters in science are used this way, not all of them represent unknowns.

What nun means?

A nun is a woman who's dedicated her life to religious observance. Most nuns spend their time praying or meditating and doing service work in their communities. Nun comes from the Old English nunne, and the Late Latin nonna, "nun," originally a generic word for addressing an older person.

What does a noun mean?

A noun is a part of speech that names a person, place, thing, idea, action or quality. Proper nouns refer to the individual name of a person, place or thing.

What is a noun in grammar?

A noun is a word that names something: either a person, place, or thing. In a sentence, nouns can play the role of subject, direct object, indirect object, subject complement, object complement, appositive, or adjective.

What is a known risk?

Known risks. A known risk is where there is a clear indication, or enough information or history available, to establish that a risk exists within the community. Known risks may include: Commercial activity and legal relationships.

What is the difference between contingency and management reserve?

The Difference Between Contingency Reserve and Management Reserve. The contingency reserve is used to manage identified risks, while the management reserve is used for unidentified risks. The contingency reserve is an estimated figure, while the management reserve is a percentage of the cost or duration of the project.

What are the types of risk?

Within these two types, there are certain specific types of risk, which every investor must know.

Credit Risk (also known as Default Risk)
Country Risk.
Political Risk.
Reinvestment Risk.
Interest Rate Risk.
Foreign Exchange Risk.
Inflationary Risk.
Market Risk.

What is the difference between business and project risk?

Business risks are more general and relate to the organization, whereas project risks relate specifically to the project objectives. For example, Project risk - that the building costs may be higher than expected because of an increase in materials or labor costs.

Who said we dont know what we dont know?

Donald Rumsfeld

What are the major elements in managing project risk?

The Elements of Project Risk

Definition of Risk. Project risk is an uncertain event or condition that, if it occurs, has a positive of negative effect on one or more project objectives (Project Management Institute).
Risk Events.
Risk Tolerance.
Opportunities.
Risk Management Culture.
Risk Management Plan.
Identifying Risks.
Prioritizing Risks.

What is meant by risk in project management?

Project risk is defined by PMI as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives." Risk Management: Organizational policy for optimizing investments and (individual) risks to minimize the possibility of failure.

What is predictable risk?

Predictable Risk: 1) Predictable risks are extrapolated from past project experience. 2) E.g. staff turnover, poor communication with the customer, dilution of staff effort as ongoing maintenance requests are serviced.

What is meant by business risk?

Business risk is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail. Anything that threatens a company's ability to meet its target or achieve its financial goals is called business risk.

Are there unknown knowns?

Rumsfeld stated: Reports that say that something hasn't happened are always interesting to me, because as we know, there are known knowns; there are things we know we know. But there are also unknown unknowns—the ones we don't know we don't know.

What is ambiguity risk?

Ambiguity risk Uncertainty exists about what might happen in the future arising from lack of knowledge or understanding.

What is Project resilience?

Project Resilience is a private organization based in Washington, DC. We offer teaching materials and products, provide training and disseminate information for professionals working in education, treatment, and prevention.