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PM ILUSTRED1 2.3 Assess and Manage Risks2.3 Assess and Manage Risks2.3 Assess and Manage Risks2.3 Assess and Manage Risks HomeHomeHomeHome / 2.3 Assess and Manage Risks Rights of use      2.3 Assess and Manage Risk  2.3 Manage Risks00:00-8:36 Since projects build new products and services, it should be expected that they will encounter some surprises along the way. These might be pleasant surprises, but more often than not, they are undesirable. Rather than just hope for the best, the responsible thing to do is to plan for these uncertainties. This is where risk management comes into play. Let’s start with some definitions. Risk A risk is an uncertain event or condition. If it occurs, it will have a positive (good) or negative (bad) effect on the project or a project objective. We call positive risks opportunities and negative risks threats. For example, if we were planning an open-air picnic for the grand opening of a petting zoo, we could have a negative risk (threat) that rain would lower attendance. However, pleasantly warm weather could attract a much larger than expected number of people, and we can make extra income selling ice cream (an opportunity.) Risk Trigger A r...