Before revision: 320px|Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
After revision: 320px|Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.