What is a Risk?

A risk is a prospective issue or an unpredictable occurrence that may occur in the future, similar to a storm cloud on the horizon that may damage your outdoor event. It is something that has not yet occurred but has the potential to effect the project in a positive or negative way. Risks can range from little concerns to major obstacles, and they might have an influence on the project’s timetable, budget, quality, or other factors. Project managers analyze, assess, and prepare for risks in order to avoid or minimize their bad consequences and capitalize on any favorable possibilities they may present. Risks are essentially prospective occurrences that might occur and have an impact on the project; thus, it is critical to be prepared to deal with them if they occur.