Risk management is the tool that will help you to identify the possibility that errors will occur in your work and will guide you in a systematic way to control them. However, before going further explaining what risk management is, consider the following examples of errors: mistakes in the design of your company or personal site, wrong pieces manufactured for a product prototype, etc.
Asset performance management has three main elements or stages that will take you from identifying the error to controlling them which are risk identification, assessment and control. The first element is risk identification, which is the thinking you make of what can go wrong in your situation or project.
This is a look into the future, where you try to intellectually guess what might go wrong with your project or situation. The best way to identify risks is to use brainstorming which is basically to think aloud with yourself or other people of possible unfavorable scenarios.
The second element is risk assessment where you try to identify which risks pose more potential harm to your future situation and single them out from risks that even if they occur will have minimal effect. Again you need to use thinking and brainstorming to assess risks.