All projects will sooner or later be exposed to risks regardless of their magnitude. Risk management in projects includes identifying, quantifying and managing risks. There is a measure of risk associated with every project. Projects that involve the use of new technological systems are faced with the possibility that this technology may not function as intended. Very complex projects face the problem of being able to accurately estimate times and costs; and even the smallest and simplest projects have some element of risk. While it is a herculean task to eliminate all risks, project managers must strive to identify and manage risks to avoid project failure. Having a risk plan is the only way to get project approval, as it shows risks as well defined and controllable. Risk management is the process by which a project manager and project team identify project risks, analyze and classify the risk, and determine what, if any, actions need to be taken to avert these threats. Associated with this process are the cost, time, and project quality concerns that arise from responses to these risks. In this report, I would discuss what the risks are, different types of risks, and mitigation techniques in responding to the identified risks. INTRODUCTIONWhat is a risk?A risk is something that could occur in the future that could impact a project's triple constraint (budget, schedule, and scope). A risk may or may not occur, but you can plan for it based on the likelihood of its occurrence and the likely impact on your project or deliverables. Risks can be totally avoided, reduced or resolved. The impact of a risk on a project can be defused or absorbed in the middle of paper, and the time it takes to reduce or eliminate risks has more cost value than repairing the damage caused by the risk. The risk event may still occur, but the cost and impact of the risk are both expected to be very limited. Mitigation plans can be formed so that they are executed if an identified risk exceeds a certain threshold. For example, an oil and gas project may have a mitigation plan to reduce the amount of units created per hour if the equipment temperature exceeds a certain threshold. The cut is the number of units per hour it may cost the project over time. Additionally, the cost of additional labor to run the equipment longer because the machine now runs at a slower pace can be credited to the project. If the equipment were to fail, the project would have to change it, which could lead to weeks-long delays waiting for repairs.