They are often related. Mitigation of one risk may create another risk or increase the impact of an existing one. The greater the benefit, the more risk is acceptable. Risks are value based - The risk acceptance level varies from person to person. Both personal and company values affect risk taking.
Risks are time based - Risk is a future phenomenon caused by today's actions.
Time affects risk perception. Risks encountered during project performance may be detrimental to the achievement of project objectives. The project manager is obligated to deliver a product that fulfills the customer's needs as specified in the scope of work, on time and within the terms and conditions of the contract. Managing risks effectively will help The corporation achieve its project goals by avoiding problems that could cause unexpected and unplanned losses. When the customer requirements impose unusual risk that The corporation does not want to share responsibility for or accept, such risks should be discussed with the customer.