What is risk management?

Risk management is the process of identifying, assessing, and controlling potential risks that could impact the achievement of project or organizational goals.

Main stages:

1. Risk identification — identifying possible threats and problems.
2. Risk analysis — evaluating the likelihood and consequences of each risk.
3. Response planning — developing measures to prevent or minimize risks.
4. Monitoring and control — tracking risks and the effectiveness of the measures taken.

Example: in a software development project, a risk is a delay in equipment delivery. Risk management includes finding alternative suppliers or changing the work plan to minimize the impact of the delay.