Risk management involves identification, assessment, control, and response to project risks to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Risk identification includes determining which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if they occur.

1. Describe the steps involved to manage risk on a project. How can a risk assessment matrix help in this process?
2. What risks for a project have the highest priority? Does the priority for a risk change as the project progress?