ABSTRACT
This chapter highlights potential gaps in the practice of project risk management, particularly gaps related to managing risks across the project life cycle. One of the shortcomings of the practice of project risk management is unique to the concept of risk perception. There are two schools of thought on risks. First, one considers risks as threats to the project. As a result, this school of thought uses the term risk management to refer to the management of threats. Second, the other school of thought considers risks as threats and opportunities, meaning a risk event could have positive or negative consequences on objectives. The first category is the set of risks that are unique to a stage, meaning they will not be relevant when the stage is complete. The second category is the set of project risks; these are risks that affect the project's overall objectives and are not particular to a given stage.
