ABSTRACT
Risk is associated with all projects and business ventures taken by individuals and organizations regardless
of their sizes, their natures, and their time and place of execution and utilization. Risk is present in various
forms and levels even in small domestic projects such as adding a deck to a residential house, and in large
multibillion-dollar projects such as developing and producing a space shuttle. These risks could result
in significant budget overruns, delivery delays, failures, financial losses, environmental damages, and even
injuries and loss of life. Risks are taken even though they could lead to devastating consequences because
of potential benefits, rewards, survival, and future return on investment. The chapter defines and discusses
risk and its dimensions, risk analysis, risk management and control, and risk communication.
