This document summarizes a presentation on risk management in five steps. It discusses that risk management is essential for projects to plan for uncertainties and ensure favorable outcomes. The five steps presented are: 1) hoping is not a strategy, plans need estimates of variability; 2) single point estimates are guesses without knowing variability; 3) integrating cost, schedule and performance is key; 4) a risk management model is needed, not an ad hoc process; 5) communicating risks is important. The presentation also discusses categorizing outcomes, types of uncertainties projects may encounter, and how risk tolerance should decrease over time.