Abstract
The main goal of this report is to discuss the process of identification and risk reduction in project management. The report will target two vital tools and techniques which are crucial for risk management and its significance. The level of failures among large, medium and even small projects is such that the topic of risk and management analysis gives room for a detailed research to provide answers to a number of questions. Among the many favored queries, one of the key questions asked is whether companies are genuinely aware of the different methods and techniques available for risk and management analysis in today's world. Or to articulate it the other way, whether too many projects exist which lack a well designed and thought out risk assessment process. The reasons could be numerous. However, the most common reason could be the lack of qualified project managers. Another question could be the need for in depth research in order to complement what currently exists. This article does not focus on answering all the questions directly. The aim however is to review and explain the context, the benefits and the importance of risk management. Many projects fail due to unforeseen or unavoidable reasons (as per Chapman and Ward). This does not declare that many projects can also falter due to avoidable reasons.
