What is Project Risk Management and Risk Analysis?

Why do certain projects fail where other similar projects succeed? Is it the skills of the project manager and team members, availability of resources (including financing), clearly defined objectives, or stakeholder engagement? It could be many factors, but one of the critical ones is a well conducted project risk management and risk analysis process. In this chapter, with the help of a couple of examples, we will explain the basic concepts of risk management and risk analysis. We will also discuss the concept of risk (what is it?), risk properties, risk categories, and risk mitigation and response planning.