Define risk as it relates to your project.

All projects involve a certain level of risk. Project risk is any uncertain event that may have a positive or negative effect on a project objective. Project Risk Management, therefore, involves understanding the possible problems that might occur during the project life cycle and how they will affect the success of the project. Significant improvements in project outcomes result from effectively managing project risk. Organizations need to understand that Project Risk Management processes are an investment—
these processes cost money but can also yield benefits