A risk is an uncertain event or condition that, if it occurs, affects one or more project objectives. Importantly, a risk can be negative (a threat) or positive (an opportunity).
Risk vs. issue: a risk hasn't happened yet; an issue already has. Risk management aims to reduce how many risks turn into issues.
The steps: identify risks and record them in a risk register, assess each one by probability and impact, plan responses, then keep monitoring.
Common threat responses: avoid (change the plan to remove the risk), transfer (e.g. insurance), mitigate (reduce probability or impact), and accept (sometimes with a contingency plan). Opportunities have matching responses such as exploit, enhance, and share.
💡 Key points
- A risk is uncertain and hasn't happened; an issue has.
- Risks can be threats or opportunities.
- Rate each risk by probability × impact to prioritize.
- Threat responses: avoid, transfer, mitigate, accept.
🌍 Real-life example
An outdoor summer event: the risk of extreme heat. Mitigate: provide shade and water. Transfer: buy cancellation insurance. Avoid: move the event to an air-conditioned hall.
📖 Key terms
| English | العربية |
|---|---|
| Risk | خطر |
| Issue | مشكلة / قضية |
| Risk Register | سجل المخاطر |
| Probability and Impact | الاحتمال والأثر |
| Mitigate | تخفيف |
| Opportunity | فرصة |