Project risks as defined from a Project Management Institute 
(PMI) perspective are, at their core, unknown events. These 
events can be positive or negative, so that the word "risk" is 
inherently neutral. That said, most of the time and focus is 
spent handling negative project risks, or "threats," rather than 
positive project risks, or "opportunities." Some experts have 
said that a strong risk management process can decrease 
problems on a project by as much as 80 or 90 percent. 

In combination with solid project management practices, having 
a well-defined scope, incorporating input from the appropriate 
stakeholders, following a good change management process, and 
keeping open the lines of communication, a good risk management 
process is critical in cutting down on surprises, or unexpected 
project risks. Such a process can also help with problem 
resolution when changes occur, because now those changes are 
anticipated and actions have already been reviewed and approved, 
avoiding knee jerk reactions.

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