Abstract
Risk tolerance is often misunderstood or overlooked by project managers. The levels and perspectives of risk tolerance are dynamic throughout the life of the project. Risk tolerance has three different perspectives when you are involved in a project: firm, project manager, and stakeholder. The firm’s risk tolerance varies according to the firm’s financial stability and project diversification. A project manager’s risk tolerance is affected by job security and corporate culture. The stakeholder’s risk tolerance is influenced by project objective. Unfortunately, failures in communication between the stakeholder and project manager are quite common because there are few applicable tools available to support the process. The project success will depend on agreeable level of risk tolerance and support of compensation policies, corporate culture, performance reviews, and early risk management planning.
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