Is there anything more important to the success of the project than making good decisions? Project management and especially project risk management, are receiving great attention these days. Project owners are becoming more demanding of performance and less tolerant of risk. Opportunities often accompany risks and a value engineering-like approach can often deliver value. The need to manage uncertainty is inherent in most projects which require formal project management. Projects big or small are inherently risky business. Between time constraints, technical challenges, and resource difficulties, things that can go wrong often do. That is why risk management is a critical part of the Project Management Body of Knowledge® (PMBOK). We have developed materials to give you a solid foundation in risk management practices. We assume you have experience with and some knowledge of Project Management although we will review some basic Project Management principles so that we can establish common ground-rules. Risk management is a process that should be required for all projects, no matter how big or small. Sometimes simply having an understanding of what’s lurking around the corner is enough to reduce the threat of schedule delays or a budget overrun. In our view careful attention to formal risk management processes is often motivated by large scale use of untried technology executing major projects and other obvious sources of significant risk.