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Students need to understand this completely so that they can apply in their projects, internships or jobs. All businesses, big and small, need to know risks are a part of every aspect of business.
The hazards of not taking risks seriously could be
a. Slipping on deadlines
b. Not delivering our products and/or services
c. Losing business to competition
We don't want to be in a boat with holes made by no risk management and sink.
Big or small, we all do need to have our risk management as part of all our projects.
As far as students are concerned, there is a real risk in current times of social distancing and colleges not taking regular classes. However, if one plans all the options online, of which there are many, this risk could also become an opportunity to learn something new. Not taking this seriously could make us miss the boat of online digital learning which shall definitely set us back.