A risk is a potential event or future situation that can potentially affect, prevent, or limit a project's success. Project risks may be seen as threats or opportunities.

Note that a risk with 0% likelihood should be closed.  A risk with 100% likelihood should be closed and an Impediment created instead.

The following are the states for this work item type:

• New - initial state when a risk is first identified
• In Progress - Someone has been assigned to address the risk, and is working on it. If probability and impact are low, it may receive a default Contingency Plan of "we will pay the money of it happens". This should be duly noted and the risk left to be periodically reviewed for any changes (up or down) to Probability/Impact.  High probability/impact risks should have a Mitigation Plan or a Contingency Plan or both.  The risk remains in this state while the mitigation plan is being worked on, with risk exposure reducing as the plan proceeds.
• Closed - The risk does not need to be tracked.  Possible resolution types are: avoided, transferred/shared, mitigated, accepted, invalid.