Risk can be defined as the chance of something going wrong. Murphy's Law and the associated corollaries, state, "If something can go wrong, it usually will, it will do so at the most inopportune time, it will be all your fault, and everyone will know it." You might have had some experience with
the effects of Murphy's Law in your life.
Risk management practices—assessment, mitigation, and management—were developed and implemented in project management to help a team systematically identify what could go wrong, find ways to avoid or reduce the likelihood of it going wrong, determine how to minimize the impact if it does, and have some control over when it occurs.
We all want to be successful. Overall, the goal is to take action early and thoroughly to identify and address potential threats to the project, and increase your chances of being successful. Management work in general is aimed at understanding the tasks to be accomplished, directing resources to complete those tasks, and monitoring the work to make sure it all gets done. Management attention to risks provides added tools to reduce or eliminate issues with the project. Knowing what could cause problems and addressing the threats early will help keep Murphy's Law from impacting your project.