What is a Risk?

Anything that could impact your project is a Risk. For most practical purposes, a risk is considered to be something that may have a negative impact on your project. Theoretically however, a risk may have either a negative or a positive impact on your project.

Another way to look at a risk would be - a risk is an issue that has not happened as yet. That brings up the question – what is an issue? Well an issue is situation that has occurred that is negatively impacting a project.

Can you guess some examples?

  • Possibility of you being hit by another car is a risk.

  • Possibility of you hitting another car is a risk as well.

  • Possibility of a meteorite hitting your house is an extremely less probable risk.

  • Your project being delayed due to missed requirements is a project risk.

  • You project being delayed due to requirements not being met during product development is a project risk as well.

The discussion on the topic of risk is so vast and could go so deep that even thinking about capturing it all in one post is not fair. So, I’ll be capturing this in various posts over a period of time.