Project risk management is one of the most vital areas of project management. The existence of risk introduces various opportunities for projects to be compromised but also to be exploited for competitive advantages. This has become important in organisations that are project-based and in which project risk activities are integrated with business strategy. Project managers are therefore increasingly focusing their attention on risk identification and management, not only to prevent project failure, but also to generate business success. This unit is designed to enable students gain a logical and conceptual understanding of project risk and its evaluation and management within the context of modern project-oriented organisations.