C/M/478. Managing project risks

The present report reviews the importance of risk management as the integral part of project management. The paper considers various definitions of risk and their importance to adopting respective methodological approach to manage risks. The paper outlines the shift in a risk management approach to a more contingency-based one. The paper outlines the way the risks might be managed within different project management methodologies and looks at the way risk management is applied in practice. The operational level implications are discussed.