What is risk management?

Think about when you want to cross the street. You don't just run across, right? You look both ways to make sure no cars are coming. That's because there's a risk - something terrible that could happen - if you don't look out for cars. If you look and see a car coming, you wait until it's gone before you cross the street. That's you managing the risk.

In project management, risk management is a bit like that. It means thinking about what could go wrong with the project. Then, we plan what to do if those things happen, just like waiting for the car to pass before crossing the street.

We also think of ways to reduce these risks so they're less likely to happen. That's like learning the safest times to cross the street or finding a crosswalk.

Risk management is vital because it helps keep the project safe and increases the chances of success. It's all about thinking ahead and being prepared.