ABSTRACT
The issue of risk is a crucial one in project management and many definitions of project management refer to the management of risks. There are different categories of risk associated with projects for example, risk of failure, risk of going over budget, risk of not completing on time, risk of not satisfying the project board and/or stakeholders. If people Google the topic risk management' or visit any library with a business or academic section, they can quickly realise that risk management' has become a discipline in its own right. There are professional bodies who oversee the discipline of risk management' such as the United Kingdom (UK)-based 'Institute of Risk Management (IRM)' and the 'Association of Insurance and Risk Managers AIRMIC' to name but two. Risk management' has its own body of knowledge and there are various professional qualifications that one can attain. In addition, there are various software tools that are available to help project manager's model and eliminate/manage risk.
