• An unfinished project has uncertain outcomes and three types of value:

  • Desired value: the value stakeholders ideally desire from a project

  • Goal value: the value of a project that meets its designated goals/targets/objectives/requirements

  • Likely value: a project’s forecasted value, given its resources and capabilities

• Market risk stems from a project designating the wrong goals.

• Project risk stems from potentially not meeting designated goals.

• Easy goals decrease project risk but increase market risk.

• Challenging goals decrease market risk but increase project risk.

Key Publications: P9, P31, P39