Risk 

A stochastic event that can be applied to tasks or resources and affects project schedules. Risks are defined by name, chance of occurrence, outcome, and time of occurrence. Risk can be global (for all tasks or resources in project) and local (for particular task or resource in project). Global risks can be added using the Risk View. Local risks can be added using the Task Information dialog box or the Resource Information dialog box.

See Also:

Local Risk

Global Risk