All real projects carry risk through uncertainty. However, few organisations would claim to be satisfied with the application of risk management on their projects, or be able to demonstrate it successfully. This can be a major constraint to successful project delivery.

An easy way to reduce risk is to have less ambitious goals. After evaluating risks, one can choose a path of risk avoidance or risk mitigation and management. If we understand the risks on a project, we can decide which risks are acceptable and take actions to mitigate or forestall those risks. If our project risk assessment determines risks are excessive, we may want to consider restructuring the project to within acceptable levels of risk.

Any area over which the project manager does not have control can be project risks. Anything that is not well understood, anything that is not well documented, and anything that can change, these all create project risks. Things that haven't been tested are always at risk.