Project risks are potential events or conditions that could negatively impact the success of a project. These risks can arise from various sources, including technical challenges, resource availability, or changes in market conditions. Identifying and assessing these risks early in the project lifecycle is crucial for effective management. To mitigate project risks, teams often develop strategies such as contingency planning, regular monitoring, and stakeholder communication. By proactively addressing potential issues, project managers can minimize disruptions and increase the likelihood of achieving project goals on time and within budget.