What is Risk? a dictionary definition of risk is the possibility of loss or injur Project risk involves understanding potential problems that might occur on the project and how they might impede project success Risk management is like a form of insurance it is an investment 2021/2/21 IP2021/2/21 7 What is Risk? ◼ A dictionary definition of risk is “the possibility of loss or injury” ◼ Project risk involves understanding potential problems that might occur on the project and how they might impede project success ◼ Risk management is like a form of insurance; it is an investment