What is an uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives?

The term that accurately describes an uncertain event or condition that, if it occurs, has the potential to impact project objectives positively or negatively is risk. In project management, risks encompass both threats, which can cause harm or lead to project failure, as well as opportunities, which can enhance project success or provide benefits.

The dual nature of risks is crucial in the decision-making process during project planning and execution, as project managers must identify, assess, and respond to these uncertain events. By recognizing risks, teams can develop strategies to mitigate negative impacts or leverage positive opportunities, ultimately contributing to achieving project goals.

Understanding risks allows for proactive management, which is essential for maintaining control over project outcomes and ensuring alignment with overall project objectives.