How to manage risks in czech and slovak engineering projects

Risk and opportunity management is an continuous process that is realized during the whole project life cycle. The knowledge gained at the end of the project concerning risks and opportu- nities are contribute significantly to success of following projects. The responsibility of project manager is to keep his project team in proactive working temper. Project team has to be wary of risks and opportunities and engaged in the risk management process. Project stakeholders are an important part of the risk management process and project manager is responsible for communi- cation with them. If needed, he has to find experts to consult special problems to avoid future com- plication. Qualitative analysis ranks project risks and opportunities by their impact on the project and probability of occurrence. This is important for planning response strategies for every single risk or opportunity. Both unacceptable risks and opportunities we want to take require having a suitable response plan. The plan has to be controlled continuously and updated according to the current changes. Quantitative risk evaluation provides numerical values of the expected impact of risks and opportunities. The goal of this paper is to show how project risk is managed in conditions of Czech and Slovak manufacturing companies. The paper is divided into three main parts. The first part is an in-depth literature search focused on risk project management. This part shows what the ideal risk management process should look like. The second part of the paper contains two case studies. The first case study describes project risk management in a Slovak mechanical en- gineering company Matador Automotive Dubnica nad Vahom. The second case study comes from Czech Republic and describes the process of risk project management in MESIT ronex, another mechanical engineering company. The third part of the paper evaluates collected information and compares theory with used practice. a list of used sources concludes the paper