ABSTRACT
It lies in the very nature of all projects that they are associated with risks. This is because projects comprise many uncertainties that have the potential to adversely impact upon project objectives some time in the future.1,2 Consequently, the management of projects must always deal with the risks associated with a project. In fact, the management of risks cannot be separated from effective Project Management, which deals with schedule, cost and performance objectives: Risk Management is an essential and integral part of Project Management. In other words, the famous project compromise-triangle of time, cost and quality objectives becomes a quadrangle by the addition of the risk aspect, and life-cycle value can best be achieved through a balance of all four aspects.
