Think of how many risks come into play when you decide to conduct a simple project, such as painting your living room. The following are some exs of risks: 
•What type of paint will you use (and can you afford high-quality paint)?
•Who will move that brand new, big screen TV?
•Who is going to paint?
•Do you have the time, money, and resources?
•Have you ever considered any of this, or do you simply cover up as much things as you can and start painting?
Risks exist regardless of whether people acknowledge it or not. Depending on the complexity of the project, the number and type of risk multiplies. Everyone has their own solution to each risk, but when working with a group within an organization, fragmentation such as this becomes counterproductive and a major risk in the end.
•Define the goal of the project
•List the project's duration
•describe who are the stakeholders (those who participate); I guess it will be me and my 2 children
•Review benefits by the project implementation
•describe your need for resources
You need not go into in-depth details on the project.
Come up with 2 risks to this project. Each risk must include the following elements:
•What technique(s) was used to identify the risk?
•What type of risk is it, and does it have specific IT elements and considerations?
•How was the risk assessed, and how does it rank with all of the risks identified by the group?
•Is the risk qualitative or quantitative, and does it work with an EMV or Pareto analysis with all of the risks identified by the group?
•What is the response to this risk, assuming it occurs during the project's lifecycle?
•Provide at least 2 contingency plans for this risk (one primary and a second backup). 
Combine all this into a cohesive 6-8-page report that also includes the following:
•A summary of the project 
•How will the risks be monitored and controlled?
•How will risks be communicated to all project participants?
•What EVM comes from the risk management plan?