Projects are inherently risky endeavours and require appropriate risk management.

Every project has unique opportunities and threats. The objective of a project management team is to realise the project opportunities and prevent the threats from damaging the project. The actions taken by the project team may significantly influence the likelihood of this occurring. A project team has limited resources available, and for this reason, they must prioritise their actions as effectively as possible. Project Risk Management is a systematic approach used to identify and prioritise opportunities and threats to assist project teams in delivering successful projects. Research in this field aims to test existing theories and develop new models that will increase the likelihood of delivering successful projects. Recent developments in Project Risk Management includes the application of Artificial Intelligence to identify potential risks in projects.

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