A risk is a uncertain event which may have a positive or negative impact on the project management activities. Not all risks are bad. If a risk has positive impact, it is called as opportunity. Similarly if a risk has negative impact where, it becomes a threat.

Some project management risks are predictable and project managers can manage them by a disaster management plan or business continuity plan. Some risks are always unpredictable and businesses have to be proactive to handle those type of risks.

An ideal project risk management plan includes many phases, which have the prime motive to decrease the impact of the negative events and increase the impact of positive events. Generally a project management schedule follows the series of phases -

• risk management planning

• identification and risk analysis

• resource planning and monitoring

• overall control of project

An ideal project management plan includes the following elements -

• project management initiative plan

• project charter

• register stakeholders

• environment effect of enterprise

• identifying organization assets

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