Managing Project Risk is a vital component of any successful business venture. It involves the identification, assessment and control of potential risks that could impact the successful completion of a project. While most project managers are familiar with risk management, there is often confusion around what it really entails. To define it simply; Managing Project Risk is the process of evaluating, identifying and mitigating any potential risks associated with a project – be they financial, technical or even legal – to ensure the project is delivered on time and within budget. By understanding the importance of proper risk management, businesses can take preventative action to protect themselves from costly delays, budget overruns and other unexpected issues.