Every project manager understands risks are inherent in projects. No amount of
planning can overcome risk, or the inability to control chance events. In the context
of projects, risk is an uncertain event or condition that, if it occurs, has a positive
or negative effect on project objectives. A risk has a cause and, if it occurs, a
consequence. For example, a cause may be a flu virus or change in scope requirements.
The event is that team members get stricken with the flu or the product has
to be redesigned. If either of these uncertain events occurs, it will impact the cost,
schedule, and quality of the project