Nothing can be controlled which cannot
be measured. In a project there are three things which can always be measured - the
schedule, the cost, and the users satisfaction. Note that the latter is not the same as
whether or not the project meets the original specifications. If the project meets all
these three criteria, it is right to consider it a successful project. If it meets two of
them and comes close to the third it is probably successful. Few projects which are very
late and very much over budget are considered to be successful, however beautifully they
meet the users' requirements. Therefore, the essence of Risk Management is the avoidance
of anything which extends the schedule, increases the costs, or impairs the users'
satisfaction with the product of the project.
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Elements of Project Success 
Nothing can be controlled which cannot
be measured. In a project there are three things which can always be measured - the
schedule, the cost, and the users satisfaction. Note that the latter is not the same as
whether or not the project meets the original specifications. If the project meets all
these three criteria, it is right to consider it a successful project. If it meets two of
them and comes close to the third it is probably successful. Few projects which are very
late and very much over budget are considered to be successful, however beautifully they
meet the users' requirements. Therefore, the essence of Risk Management is the avoidance
of anything which extends the schedule, increases the costs, or impairs the users'
satisfaction with the product of the project. 
Project Risk Management Index
When to use Project Risk
Management