What is described as an event that could negatively affect a project?

A risk is an event or condition that, if it occurs, can have a negative impact on the project's objectives, including its cost, schedule, or performance. In project management, identifying risks involves recognizing potential threats that could hinder progress or lead to unexpected challenges. This proactive approach allows project teams to develop mitigation strategies to either prevent the risk from occurring or minimize its effects.

The concept of risk is inherently tied to uncertainty; not every risk will manifest, but acknowledging them is crucial for thorough planning. This allows teams to allocate resources effectively and enhance their readiness for potential setbacks.

Understanding risk is essential for project managers and analysts, as it informs decision-making and contributes to making projects more resilient against the challenges they may face during execution.