ABSTRACT
Risk management is a process that will not necessarily happen on its own although many project control systems that do not include formalized risk management will include elements of this process through regular status and progress reporting, progress measurement and forecasting, project management meetings, project reviews and informal discussions. Handling risks in an effective way starts with the recognition at senior management level that risk is an inherent feature of projects and to avoid failures and disappointments some measure of active management is necessary. Risk management does not end when the assessment is complete, in fact, the hardest part may be deciding what to do about each of the identified risks; some might be deemed acceptable with no further action while others may demand that something is done. No risk management system will be effective if there is no mechanism for effective decision making when risks arise.
