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When uncertainties are identified as critical, they may be escalated to the business unit and corporate levels, especially if they are game changers or show-stoppers referred to as “Black Swans.” The origin of this term comes from the saying “It is about as likely as finding a black swan,” which reflects on the very low probability of occurrence (Raydigun, 2013, p. 44).”
When game changers or show-stoppers are a result of bias from the project stakeholders, they are referred to as “Broiler Black Swans” (cooked-up), and their probability of occurrence will be higher.
Compose a one-page double-spaced essay describing a “black swan” event in a real or hypothetical project and the risk management process steps that might be taken to discover this scenario. What preventative and recovery actions can be planned?