Learn in the textbookRisk Management and Response Strategies
DefinitionProject risk management (プロジェクトリスクマネジメント) is the work of spotting uncertain events that could affect a project's goals (risks) ahead of time, weighing them, deciding how to respond, and watching them until the project ends.
ExplanationFirst list the risks to identify them, then weigh each by its probability (発生確率), how likely it is to happen, and its impact (影響度), how large the loss would be. In risk control that follows, effort goes to risks in order of weight rather than equally to all, and the chosen responses are carried out and monitored until the end. Risks are not only negative ones that lead to loss: there are also positive risks (プラスのリスク) that, if used well, can cut cost or time.
AnalogyIt is like listing what could go wrong before a family trip, such as traffic, rain or a child running a fever, ranking them by how likely and how troublesome they are, and planning from the top down. Once you set off, you still check the forecast and add any new worries to the list.
Memory hookSomething that has not happened yet is a risk; once it has happened it is an issue. Remember it by direction in time: risk management is the groundwork done before things happen.