All projects will, at some point, be exposed to risks, regardless of their magnitude. Risk management in projects includes the identification, quantification and management of risks. There is a measure of risk associated with each project. Projects that involve the use of new technology systems face the possibility that that technology may not perform as expected. Very complex projects face the problem of being able to accurately estimate deadlines and costs; and even the smallest, simplest projects carry some element of risk. Although eliminating all risks is a herculean task, project managers must strive to identify and manage risks to avoid project failure. Having a risk plan is the only way to get project approval because it shows the risks as well-defined and controllable. Risk management is the procedure by which a project manager and project team identify project risks, analyze and classify the risks, and establish what actions, if any, must be taken to ward off these threats. Associated with this process are cost, time, and project quality issues caused by responses to these risks. In this report, I would discuss what risks are, different types of risks, and mitigation techniques to address the identified risks. INTRODUCTIONWhat is a risk?A risk is something that could occur in the future and which can impact the triple constraint of a project (budget, schedule and scope). A risk may or may not occur, however, it can be planned for based on its likelihood of occurrence and its likely impact on the project or deliverable(s). Risks can be completely avoided, reduced or resolved. The impact of a risk on a project can be defused or absorbed middle of paper...... the time and effort required to reduce or eliminate the risks are more valuable than repairing the harm caused by the risk . The risk event may still occur, but both the cost and impact of the risk are expected to be very low. Mitigation plans can be developed so that they are executed if an identified risk crosses a given threshold. For example, an oil and gas project may have a mitigation plan to reduce the number of units created per hour if equipment temperatures exceed a given threshold. Discount is the number of units per hour it can cost the project over time. Additionally, the cost of additional labor required to run the equipment longer, because the machine is now operating at a slower rate, can be credited to the project. In the event of equipment failure, the project would have to change equipment, which could result in delays of several weeks while awaiting repairs..