ABSTRACT
Defining the desired vision, required change and ultimate business benefits is the realm of strategy, whereas projects and their deliverables describe the tactics by which the strategy is achieved. Enterprise risk management addresses risks across a variety of levels in the organisation, from strategic to tactical levels, and covering both opportunity and threat. Project objectives sit between the strategic and tactical levels, since they are defined in relation to the strategic vision, and they in turn define the requirement for projects. Objectives are also used to measure the value of project deliverables. Project objectives provide the link between the overall vision and the projects which are established to implement that vision. They also define the acceptance criteria for project deliverables which provide the capability to realise business benefits. However the project environment is not the only place where risk management is important and successfully managing project risk is not the sole contributor to business success.
