A risk is a contingent liability; a risk is a future event that is uncertain that has consequences. The key words are future and uncertain.
6 months late means that the earliest that the critical path items can finish is in 6 months. Just because the project has not hit the deadline and senior staff doesn't understand the project is late does not qualify the team to talk as if the outcome is uncertain.
At a minimum, money can be saved by winding the project down. Few people have the intestinal fortitude to speak out when they know that a project is late. Unfortunately, cowardice is very common.
So it makes no sense to talk about schedule risk when:
- The project is late and you know it
- The project is not late but you see schedule items slipping
- Jones, Capers. SCORING AND EVALUATING SOFTWARE METHODS, PRACTICES, AND RESULTS. 2008.
- Jones, Capers. The Economics of Software Quality. 2011
- Kahneman, Daniel. Thinking, Fast and Slow. 2011