Over the course of a given project, there will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with potentially detrimental occurrences or events. This possibility of negative outcome can referred to as the project risk. When this determination of risk is made, the project management team and or project management team leader must make an assessment as to what the next course of action is going to be in attempting to deal with and or minimize these risks. However, even in cases in which this determination is made as to how to move on, some times risk does in fact remain. This risk is known as residual risk. Residual risk primarily is applied to any element of risk that remains once the risk assessment as been made and responses implemented.
This term is defined in the 3rd and the 4th edition of the PMBOK.