Project risk management seeks to anticipate and address uncertainties that threaten the goals and timetables of a project. The uncertainties may include questions of material and parts quality; delays in delivery of sufficient materials to meet project needs; budgetary and personnel changes; and, incomplete knowledge or research.

These risks lead rapidly to delays in delivery dates and budget overages that can severely undermine confidence in the project and in the project manager. Since project risk management is process oriented, it remains possible to have a successful project and an unsuccessful product (for example, an office construction project that meets or beats all time, budgetary, and quality requirements yet opens in a depressed real estate market.) While any project accepts a certain level of risk, regular and rigorous risk analysis and risk management techniques serve to defuse problems before they arise.