Risk Management is serious work and the terminology used is very complicated. It takes time to understand the concepts and put them to work as a project management practitioner. Thinking of Risk managements makes me remember two old sayings "'A stitch in time saves nine', and 'An ounce of prevention is worth a pound of cure'." In line with this subtle humor, this presentation is an effort to explain risk management terminology in simple terms with some humor. Some may say that this is a spoof on project risk management. Laugh, Smile and Enjoy.