A project risk is an uncertain event that may or may not occur during a project. Contrary to our everyday idea of what “risk” means, a project risk could have either a negative effect or a positive effect on progress toward project objectives.

There are many things that can impact project outcomes, and project risks come in a wide variety of flavors. That said, there are a few common project risks that PMs need to be aware of. This includes internal and external risks such as: 1. Scope creep 2. Client dependency risks 3. Budget overruns 4. Tight deadlines 5. Technology risks 6. Market changes 7. Legal and regulatory risk Source: https://www.teamwork.com/project-management-guide/project-risk/

If you have previous managerial experience, you may be able to become a project manager within a few months. If you’re just starting on the road to becoming a project manager, building up your experience may take a few years.‎