Project risk management is one of the most vital areas of project management. Projects are time, cost, scope and quality constrained; this poses huge technical challenges and introduces various opportunities for projects to be compromised. Projects generally suffer from a lack of adequate resources (human, financial and equipment), a significant element in the introduction of risk. Project managers are therefore increasingly focusing their attention on risk identification and management to prevent project failure. This unit is designed to enable students gain a logical and conceptual understanding of risk, define project risk and project risk management, and describe the various stages of the risk management framework as outlined in the Project Management Body of Knowledge [PMBOK® Guide]