Risk concerns future happenings. Tomorrow’s problems are today’s risk.
Hence, a simple definition of a “risk” is a problem that could cause some loss or threaten the success of the project, but with has not happened yet.
These potential problems might have an adverse impact on cost, schedule, or technical success of the project, the quality of our software products, or project team morale.
Risk management is the process of identifying addressing and eliminating these problems before they can damage the project.