Project risk is a possible event that, if it should occur, requires a plan to mitigate or reduce the negative impact of the potential event. By contrast, a project issue is an event that has already occurred that requires action to resolve the problem. Both risks and issues require a strategy that involves identification, prioritization, documentation, and management. By practicing systematic risk management, many issues can be minimized.

Review the four key stages in project risk management in the text (risk identification, analysis of probability and consequences, risk mitigation strategies, and control and documentation). Then consider a very common project execution risk: the lack of sufficient technical resources for a project. Examine the impact on project timelines, cost, and quality.

• A brief summary of each of the four key stages in project risk management.
• A brief description of a project (real or imagined) that might occur within a workplace with which you are familiar.
• A clear articulation of at least four specific activities that could be used for addressing the risk (lack of sufficient technical resources) for your chosen project.
• Research-based conclusions that discuss how using a systematic approach to managing risk can reduce negative impacts to project timelines, cost, and quality (relating to your chosen project).