Risk Management Overview and Risk Management Planning:
Risk management is difficult because there are concerns dealing with future events, dealing with change, and grappling with choices – what methods and tools should be used, how many people should be involved, how much should quality be emphasized, etc.
There is a very interesting statement about risk:
Risk is a problem whose time is yet to occur! OR
Problem is a risk whose time has occurred!!

And the biggest problem is that many project managers get trapped in problem solving mindset when risk management perspective is required! Each type of projects carries some fundamental, universal uncertainties while each one of them is characterized by the peculiar uncertainties specific to domain, type, technology, etc.
Few of the competencies which are necessary effective and contributory risk managements are …
• Ability to differentiate between risks and problems
• Ability to acknowledge the fact that risks can be positive and hence ability to capitalize on positive risks
• Ability to be aware and alert about environment & the changes therein
• Ability to make very effective project presentations for risk sensitization
• Ability to involve team while making them aware about “when to and what to shout” and more important is “when NOT to and what NOT to shout” (in simple parlance – communication discipline) • Ability to visualize happenings and probable responses to uncertainties.
Risk and opportunity go