Risk analysis is the process of evaluating risks, threats, 
controls and vulnerabilities. 

Risk: Potential loss to organization.

Vulnerability: This is an desing, implementation and 
operational flaw .

Threat: This exploits vulnerability and triggers risk to 
become loss.

Identifing various activities and factors that may cause 
delay to project schedule or duration of project 
deliverabales and cause ultimate either delay in terms time 
and finally end up in increase project completion cost.
This risk may be mitigated means identify the risk factors 
and acceptance of risk with minimal impack towards 
deliverables. This may be avoided or minimised using 
contingency plan.
Example : while preparing project plan for construction of 
big shopping mall in A.P next month, identified risk of 
crane operator may on strike during execution of project. 
the contingency plan for that was how quick we can bring 
another crane operator from other near by state if they are 
free etc.,