What exactly is risk from the viewpoint of a project manager or business with responsibility for planning, organising and managing projects? How can it be managed effectively and who should be responsible for this task?

What exactly is risk from the viewpoint of a project manager or business with responsibility for planning, organising and managing projects? How can it be managed effectively and who should be responsible for this task?

You are required to critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for a project involving a new technology developed by an international team that is to be launched within a six month time period.