Project Risk Management – Lessons Learnt

Risk management is a key component of project management and there has been a notable increase of its application over the past decade or so. This paper uses action research to analyse the author’s experience as an academic and consultant in applying the risk management process to projects. Key conclusions are that the project and organisational context must be understood and articulated; that a mixture of structure and flexibility is required in the application of project risk management; and that the project risk management is now matured to a point that consideration needs to be given to project opportunity management