What is risk? What is risk management? Identify three types of tolerance for project managers or organizations

What will be an ideal response?

Risk is a function of the likelihood of a given threat and the resulting impact of that adverse event on the organization. Risk management is the process that allows project managers to balance the operational and economic costs of protective measures to achieve project success. Risk tolerance of project managers and organizations can be classified as risk-averse, risk-seeking, and risk-neutral.