An integrated management approach of the project and project risks

Risk is an inherent property of every project. In many cases, project management and risk management are applied quite independently. The traditional tools of project management do not include the notion of risk and the tools of risk management focus on the representation of risks without explicitly representing the project, which leads to implement the risk management process independently of the project management process. This paper demonstrates the need to develop an integrated approach to project risk management and presents our approach which is able to represent the risks, but also the project, its components and its environment.