ABSTRACT
This chapter discusses the basic concepts of risk and risk management at the single project level and the portfolio level. It also discusses various approaches to risk management at the portfolio level. The chapter focuses on the key results of empirical studies with regard to the success implications and contingencies of project portfolio management. All projects are new ventures that contain an element of the unknown, and thus projects carry risk. For the management of single projects, risks and risk management are elements in major international project management standards. Risks can occur at project, programme, portfolio and organization levels. Projects with high complexity may have benefits if the scope of the business is based on size. Risk and risk management at the portfolio level are clearly established in international project management standards. Research has provided evidence that risk management at the portfolio level can have a positive influence on project portfolio success.
