Risk Overview

Risk work items document a probable event or condition that can have a potentially negative outcome on the project in the future. An essential aspect of project management is to identify and manage the inherent risks of a project. If a risk is assigned for mitigation, it becomes Active. The risk remains active until the mitigation actions are complete, at which point the risk is resolved. If a resolved risk is verified to be completely mitigated, it is then closed. If at any point the event identified by the risk occurs, the risk becomes an issue and a contingency plan is enacted.