"The Standard for Risk Management in Portfolios, Programs, and Projects is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions--whether expected or unforeseeable during the planning process--may occur with impacts on project, program, and portfolio objectives. These impacts can be positive or negative and may cause deviation from the intended objectives. Risk Management processes allow for the consideration of events that may or may not happen by describing them in terms of likelihood of occurrence and possible impact"--