Project risk management endeavours to foresee and deal with uncertainties that jeopardize the project objectives and the time and cost schedules of a project. Project risk management, therefore, is a continuous process to be conducted during the entire project and should particularly be commenced early in the project. A risk is an event that is uncertain and has a negative or positive impact on some undertaking. Project risk may be viewed as a combination of the probability of an event and its consequences. Project risk management planning consists of four components, namely risk identification, risk quantification in terms of analysing and prioritizing risk, risk response, and risk monitoring and control. The project risk response phase takes into consideration all the identified risks and their quantification to determine the appropriate strategy for addressing the risks. Risk monitoring and control keep a close watch on the identified risk, outstanding risk and any new emerging risks.