The official business definition of potential risks of a project is the probability and magnitude of a potential event that could have a negative effect on the successful completion of the project. It is important to identify potential risks early on in the project life cycle, as they can have a major impact on the project’s timeline and budget. Potential risks can come from a variety of sources, including external factors such as economic conditions, changes in technology, or changes in regulations, as well as internal factors such as personnel departures, lack of resources, or inadequate project planning. The most effective way to manage potential risks is to identify them early and develop mitigation plans that minimize their impact. Risk identification is a process that involves analyzing inputs such as project objectives, scope, timeline, budget, resources, and deliverables. Once the potential risks are identified, it is important to assign a severity level to each risk and develop mitigation