A Project Risk is an uncertain event or condition that can have a positive or negative impact on the project. It has an effect on at least one project objective where objectives can include Scope, Schedule, Cost, and Quality. A Risk may have one or more causes, and if it occurs, it may have one or more impacts. Organizations perceive risk as the effect of uncertainty on their projects and organizational objectives. Each organization has a tolerance for risk based on the nature of the risk, and the risks that are threats to the project may be accepted if the risks are within tolerances and are in balance with the rewards that may be gained by taking the risks.