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Risk Management is a manageable and systematic process of analyzing, identifying and responding to project risk that includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objective. Risk Management is an activity which incorporates recognition of risk, risk assessment, developing strategies to manage it and an alleviation of risk using managerial resources. It is a systematic approach to setting the best course of an action under uncertainty by identifying, understanding, assessing, acting on and communicating risk issues. It means that risk management is a way for an organization to manage the threats or issues that are presented on a regular basis. They might not even realize when they are implementing it, however every human being has the innate programming to engage in risk management. People are naturally going to weigh out the consequences of their actions and how to impact their lives. Overall, risk management helps to lower the chance of taking high risk actions that have low-value results.

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