On a daily basis, we run into so many risks in our life. We struggle, we panic, we try not to take any overt risks, we try to avoid them, but risks are inevitable. They eventually find their way into our lives. The same stands for business organizations. As per PMBOK® Guide, apart from the Primary Risks — which are uncertain events or condition that may have impacts (either positive or negative) on the project objectives if occur, there are also Secondary risks and Residual risks.