Project risk management is more and more advocates in company project business shapes the everyday life of many companies regardless of size or industry. With steadily rising competitive pressure due to increasing globalization, grows also the pressure to succeed in the course of the project work. It is to bring each seemingly so insignificant project, if necessary to achieve competitive advantages over competitors or to expand them to a successful conclusion. The causes for the failure of projects can be found both in the planning and implementation and monitoring of projects. So, for example, an inadequate resource planning, unrealistic scheduling on the basis of milestones, as well as an incomplete cost planning in the planning phase can lead to a subsequent failure or even termination of the project. For even more details, read what Daryl Katz says on the issue.

In the phase of project implementation, especially an incomplete identification, assessment and control of project risks, and project delays in terms of quality and time as massive have Proved to be stumbling blocks. With regard to the monitoring of the project, there are in most cases ineffective project management, changes in project design and a frequent change at critical points in the project team, which can jeopardize the success of a project. Due to the increasing awareness, an integrated project risk management established in more and more companies. Project risk management is a continuous process to analyze project risks, to evaluate, to control and monitor. Effective project risk management creates necessary transparency with regard to the risk situation and shows which risks jeopardising the achievement of the objectives of the project. In General consists of project risk management in the process steps risk identification, risk assessment, risk management, risk monitoring and risk reporting. Essential project risks based on predefined risk areas are identified in the first step of risk identification. The definition of the respective Risk areas usually responsibility of project management in cooperation with the project client.