What is RISK in Project Management? Risk is any unexpected event that can affect your project — for better or for worse. Risk can affect anything: people, processes, technology, and resources or we can shape it as “a risk is anything that could potentially impact your project’s timeline, performance or budget.” Or Risk is the possibility of loss or injury. Project risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. Or A risk is an event or occurrence that may negatively impact the project. Risks are potentialities, and in a project management context, if they become realities, they then become classified as “issues” that must be addressed. For Example, you want to go for a photo-shoot and one of the risk that you can predict is that it may rain and that will impact your equipment. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues. So one of th...