What is risk and what are ways to manage risk?

Risk is an uncertain event or condition that if occurs, has a positive or negative effect on meeting the project objectives related to components such as schedule (time), cost, scope or Quality.

You can Manage Risk by doing the steps below:

• Plan Risk Management - A process to determine the how of risk management: how to conduct risk management for the project at hand.

• Identify Risks - A process to identify and document the risks that might occur for a given project.

• Perform Qualitative Risk Analysis - A process used to estimate the overall probability for risks to occur and their impact and to prioritize them accordingly for further analysis.

• Perform Quantitative Risk Analysis - A process used to analyze numerically the effect of identified risks on meeting the project objectives.

• Plan Risk Responses - A process used to prepare a risk response plan in order to increase the positive impact and decrease the negative impact of risks on the project.

• Monitor and Control Risks - A process used for tracking identified risks, identifying new risks, executing risk response plans, and evaluating the effectiveness of executing responses throughout the life-cycle of the project.