According to Wikipedia, “Risk management is the identification, assessment, and prioritization of risks followed by coordinated application of resources to minimize, monitor and control the events.”
Oftentimes, projects don’t go as planned so risk management is one of the major project management issues that project managers have to deal with. Management experts can tell how seasoned a project manager is with his ability to oversee risks that might creep up in a project anytime. These risks can be an uncertainty in financial market, hidden flaws in the project plan or unknown factors that can impact the success of a project
