What are the three traditional core risk categories according to Maylor?

The three traditional core risk categories, according to Maylor, are cost, schedule, and quality. These are the major risks that would be first considered when it comes to either project or economic management. When we are talking about cost. The truth of the fact is that everything costs something, a price to pay, be it tangible or intangible.

Hence, you have to make sure that the price tag on your item is not too high so that you can reach out to more people. The schedule has to do with time. There is usually the right time for the execution of anything. Most times, the faster you are, the better you get. The faster schedule is usually at a higher cost.

In terms of quality, it has to do more with the beholder. What is of quality or good to someone may not be good to another. However, the quality of a thing is usually achieved when it fits into a particular desired purpose.

There are different risks that should be thought about when learning about risk management. The cost of the items will always be a problem. You have to make sure that it will not be too high or you would not be able to improve the price of the items that you are going to sell to the general public.

The schedule of the items should also be on time. If a company says that a new product will be released at a certain date, they have to make sure that it will happen. Otherwise, their customers might get disgusted that they cannot stay true to their word. Lastly, the quality is always important. No matter how cheap a product or service is, people should feel that they are worth the purchase.