Project Risk Management includes the project management processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The main objectives of project risk management are as follows:

• To increase the probability and impact of positive events/ opportunities
• To decrease the probability and impact of negative events/ threats

In other words, project risk management is a part of the project management, which deals with uncertain events in a project in a proactive manner. It helps a project manager to ensure that the project is completed on time, within the budget and to the project requirements.