In project management, a risk is defined as an uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives. The actual materialization or occurrence of that uncertain condition is called a risk event. The possibility of a delay from the permitting agency was the risk; the agency actually taking longer than planned is the risk event itself. This event triggers consequences (impacts) and may require the execution of a risk response plan.

1. Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (7th ed.). Project Management Institute. Section 2.8

Uncertainty Performance Domain

p. 103. This section discusses how uncertainty gives rise to risks

which are "events or conditions" that can occur.

2. Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Project Management Institute. Glossary

p. 720. Defines risk as "An uncertain event or condition..." The actual occurrence is therefore the event.

3. MIT OpenCourseWare. (2012). 16.852J / ESD.352J System Project Management

Lecture 11: Risk Management. Massachusetts Institute of Technology. Slide 6. This lecture defines risk as a triplet {scenario

probability

consequence}

where the "scenario" is the adverse event

such as a permit delay.