Risk management activities: identification, qualitative and quantitative analysis, risk register, probability and impact matrix

A risk is an uncertain event or condition that, if it happens, affects at least one project objective. Most risks are threats, but some are opportunities, such as a vendor releasing a faster product early. Risk management means finding these uncertainties early and planning for them, instead of reacting when they turn into problems. Once a risk actually happens, it becomes an issue, which is tracked in the issue log and handled now rather than planned for. That distinction, risk as future and uncertain versus issue as present and certain, is one of the most tested ideas on the exam.