Explanation:
Risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. Project risk is concerned with the expected value of one or more results of one or more future events in a project. It is an uncertain condition that, if it occurs, has an effect on at least one project objective. Objectives can be scope, schedule, cost, and quality. Project risk is always in the future.
Incorrect Answers:
A: Risk is not unknown, it is uncertain; in addition, the event can affect at least one project objective – not just the project scope.
B: This statement is almost true, but the event does not have to happen within project execution.
C: Risks can affect time, costs, or scope, rather affecting only cost.