what is risk management in project management

Risk management in project management is the process of identifying, analyzing, and responding to any potential risks that may arise over the life cycle of a project to help minimize their impact on the project's timeline, performance, or budget. A risk is anything that could potentially impact the project's success. Risks are potentialities, and if they become realities, they then become classified as "issues" that must be addressed with a risk response plan. The risk management process includes five steps: identify, analyze, evaluate, treat, and monitor. Project management software can help keep track of risks, and risk mitigation strategies are tools used to address risks when they happen.