Summary  
This chapter explains how to systematically identify, assess, and mitigate technical, schedule, and resource risks that can impact a code development lifecycle.  

General domain of usage  
Software project management

Understanding and managing risk is a core skill for successful project thinking. In software projects, **risks** are uncertainties that can affect your project's objectives. Recognizing different types of risks helps you plan for potential problems before they happen. The main risk types you will encounter are:

- **Technical risks**: issues related to technology choices, integration challenges, or unexpected bugs;
- **Schedule risks**: threats to your timeline, such as delays in task completion or dependencies on external teams;
- **Resource risks**: problems with the availability or capability of people, tools, or budget.

Managing risks involves a few straightforward steps. First, identify possible risks by thinking about what could go wrong in your project. Next, assess the likelihood and impact of each risk—how probable is it, and how much trouble could it cause? Then, develop plans to reduce or respond to the most serious risks. Finally, monitor your project so you can spot new risks early and adjust your plans as needed.

Spotting risks early can make a big difference. Imagine you are leading a software project that depends on a third-party API. You learn that this API is about to change in a way that could break your integration. Recognizing this as a schedule and technical risk, you quickly investigate alternatives and prepare a workaround. By planning ahead, you avoid costly delays and keep your project on track.

Which of the following best illustrates a project risk that should be managed?

A beginner-friendly course designed to introduce developers to the essential concepts of project thinking, focusing on effective planning, decision-making, and teamwork within software development projects.

Explore the fundamental concepts of project thinking, including its definition, importance, and the mindset required for successful project work.

Delve into the practical aspects of planning, teamwork, and communication that drive successful project outcomes.

Focus on how developers can make informed decisions, manage risks, and adapt to changes throughout a project.

Risk Identification and Management

Risk Identification and Management