Over the course of a given project, there will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with potentially detrimental occurrences or events. This possibility of negative outcome can referred to as the project risk. When this determination of risk is made,
the project management team and or project management team leader must make an assessment as to what the next course of action is going to be in attempting to deal with and or minimize these risks. In some cases, the project management team and or project management team may make the determination that the best course of action is to deviate from the previously determine project management plan in a way that best ameliorates and or minimizes the risk, called risk avoidance. However, in certain cases, the project management team and or project management team leader may in fact make the determination that the risks are worth it due to the need and or importance of the component in question, and or due to a lack of a realistic alternative, and in this case, it is known as risk acceptance.
This term is defined in the 3rd and the 4th edition of the PMBOK.