A risk is “an uncertain event or condition that, if it occurs, it has a positive or negative effect on at least one of the project objectives.” A risk is an uncertain event that if it happens, adversely impacts on the project objectives such as scope, schedule, cost, or quality. Project managers should identify risks using different project management approaches that can impede the project’s success. Risk identification is carried out through various processes depending upon the nature of the organization and projects which can be related to operations, technology, organizational procedures, etc. Once risks get identified, then techniques, strategies are observed, and contingency planning is done to lower the impact. According to the ISO 31000:2009, risk analysis is a critical exercise for any project regardless of its size to manage risk. A risk analysis becomes an imperative element in the planning phase of the business development. The risk, defined as the likelihood of occurrence of a condition or event, may have a positive or adverse effect on project objectives. In projects, there are three categories of risks: (a) project risks; (b) product risks; and (c) business risks. Every organization or project must learn to adapt against the emergence of risk, business changes, and investments in anticipation of its likely futuristic occurrence.