This document discusses analyzing and managing project risk. It defines risk analysis as evaluating how likely risks are to occur and their potential impact on a project's schedule, quality, and costs. The key aspects of risk analysis covered are qualitative risk analysis, which prioritizes risks for further action based on likelihood and impact, and quantitative risk analysis, which uses statistics to analyze risks' effects on a project meeting its objectives. The document also outlines various tools and techniques for identifying risks, as well as strategies for developing risk response plans to address threats and opportunities.