Certified Governance Risk and Compliance (CGRC) Practice Exam 2026 - Free CGRC Practice Questions and Study Guide

The definition of a project risk as an uncertain event that can affect at least one project objective is the most comprehensive and accurate. In project management, risks encompass a wide range of potential uncertainties that can impact various aspects of a project, including but not limited to costs, timelines, quality, scope, and stakeholder satisfaction.

Focusing on project objectives is crucial because these objectives typically include scope, schedule, cost, quality, and stakeholder satisfaction. By affecting one or more of these objectives, risks can lead to project failure or success. The broad scope of this definition allows project managers to anticipate potential issues across the entire project, facilitating more effective risk management strategies.

The other definitions, while related, are narrower in scope. For example, defining project risk solely in terms of affecting project costs or being an unknown event limits the understanding of risk to specific areas, neglecting other critical project objectives. A well-rounded approach that considers the impacts on all project objectives provides a more accurate and useful perspective for managing risks effectively in any project.