Risk management entails identifying potential threats that may adversely affect a project, evaluating their probability and consequences, and employing measures to lessen or handle them. This proactive method aims to reduce interruptions and maintain project progress.

Successful risk management necessitates a deep grasp of the project's scope, goals, and limitations. It also involves ongoing observation and adaptation as new risks arise or existing ones change. By anticipating the unforeseen, teams can maintain command over the project's trajectory and results.