In recent times, risk management has become one of the most important aspects of project management due to the rate of financial crisis and natural disasters in the world right now and the rate of increasing expectations from an organization's stakeholder. But firstly, project involves risk management, so what is project? Project can be defined as a group of people working in a unique way over a period of time to achieve a specific goal. And in achieving the implementation of project management, project management is according to (PMBOK 2004) “The application of knowledge, skills, tools and techniques to project activities to meet project requirements”. Project management involves estimating, planning, and monitoring events that occur during the life of a project. In cases where things went wrong, it is seen that risk management is highly necessary in projects nowadays because there are many factors that influence projects such as cost estimation, performance and schedule in this recent period of the world. In this essay I will discuss risk in a project, needs of risk management in a project, ways to solve the problem in risk management and techniques to manage a risk in a project which include risk identification, assessment of risk, risk response planning. and risk control and monitoring. Risk is defined as the possibility of an event occurring in a project, which could have a negative or positive impact on a project, even in the decisions made by us in our daily lives there is a certain amount of risk involved in it. For example, going down the stairs in our house an unexpected accident can occur such as tripping on unexpected stairs and there are some types of risk that are actually known...... middle of paper.... ..003) Project Management : a systems approach to planning, programming and control. 8th edition. John Wiley & Sons. New Jersey. ISBN:0471-22577-05. Gary L. Richardson (2010) Project Management Theory and Practice ISBN:978-1-4398-0993-36. Candle, James and Yeates Donald (2004) Project Management for Information System. 4th edition Prentice Hall ISBN 0-273-68580-57. Clifford F. Gray and Erik w. Larson (2003) Project Management; The managerial process. 2nd edition McGraw-Hill Higher Education ISBN: 0-07-249392-58. Darren Dalcher and Lindsey Brodies (2007) Successful IT Project ISBN:13; 978-1-84480-69979. http://www.brainyquote.com [accessed January 8, 2011]10. http://www.risk-services.com [accessed 11 February 2011]11. http://www.skymark.com [accessed 11 February 201]12. http://www.adviceonmanagement.com [Accessed 11 February 2011].