A risk is an uncertain event which can have a positive or a negative effect on a project’s final product. As a project manager or a team member of that project, one of the important things I will do is to manage the risk on a daily basis. I will first try to identify the risk, then I will analyze what the likely consequences of each risk and then develop an understanding of the nature of the risks and its potential to affect project goals and objective. I will then evaluate or rank the risk by determining the risk magnitude which is the combination of likelihood and consequences. Then I will treat the risk by assessing the highest ranked risk and then set out a plan to treat or modify these risks.And at the end, I will just try to review monitor and track the risks