Managing project risks

"The world is becoming increasingly project-driven, largely because projects are seen to be a more "containable" means of delivering desirable goals. A risk is anything that could potentially impact project delivery -- be it timeline, performance or budget. All projects are exposed to the effects of events or conditions that are uncertain but likely to have a significant impact on the project, so risk management - the process of identifying, categorizing, prioritizing and planning for risks before they become issues - is an important aspect of project management. Risk management shouldn't be reactive: it should be part of the project planning process, and thorough risk management is an essential part of executing successful projects"--