ABSTRACT
The paper discusses an approach to project risk management with a basic assumption that risks are affected by risk responses only. This might imply that finally only risk response execution is important, and risk estimation would not be necessary in all risk management applications. Although risk management applications discussed in literature mostly tend to have an emphasis on the risk identification and risk estimating or quantification stages as necessary prerequisites to responses, empirical applications exist that almost ignore applying risk analysis. Thus, applications have features that cause a strong orientation to response planning and an action plan development without going via any specific risk analysis stage. Rationales and potential solutions for a tentative risk management approach is discussed where the major effort is directed to risk response development and risk response execution rather than to risk estimation.
