Managing risk is a necessary component of project management. Unfortunately it is often neglected right up until the point where there is a serious problem that needs to be adressed. Ignoring risks until they materialize is guaranteed to blow your budget and schedule every time - and it will add a lot of unnecessary stress to boot.

Despite the obvious benefits of a robust risk management strategy, it tends to be one of the last things project managers are trained on. Most of the new PMs that I talk to aren't familiar with the terminology and simply don't know where to begin. So I've put together an infographic that makes risk management simple to understand.

For those of you who want a deeper dive on this topic, there are many useful resources out there. A good place to start is the online library from the Project Management Institute (PMI) or the Scrum Alliance depending on whether you are using a waterfall or agile approach to project management.