Project risk describes the potential for a project to experience a negative outcome due to uncertainty or unforeseen events. This could include anything from delays in delivery, cost overruns, or failure to meet the desired objectives. It is important for businesses to understand and manage project risk in order to ensure the successful completion of projects. This is done by identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate or eliminate them. Additionally, businesses should develop contingency plans in case the risks materialize. Project risk management is an important part of the overall project management process and can help ensure that projects are completed on time and within budget.