Is about understanding who has interest in the project, what are there expected deliverables or output and what is most important to them.  Understanding the stake holders requirements is a critical position that requires a great deal of balance in ensuring everyone stays on board and focused to the objectives.

You need to understand that a risk is an event that prevent the project from meeting its objective of the stake holders.  The manger needs to recognize, adapt and solve these issues quickly.

This process deals with process changes to the scope of the project and being able to redefine the new objectives, consider alternate solutions, approve and implement without effecting the over all time.

You need to have the ability to gather essential sections of the project and deliver critical information of its success or failures to the stakeholders interested.

Requires that the manger understands how to gather all the information possible to understand the critical areas in order to be successful.