support and improve the project’s management by determining which actions should be taken. Fig. 2 presents a graphical representation of this approach. In the remainder of this paper, this will be referred to as the management approach of risk management. This approach aims at answering the question how to deal with risks in order to prevent a project from failing. In the context of projectsand project success, the assumption is that better information leads to better estimates of the amount of time and money needed to complete the project, and that better information leads to a better insight into what should be delivered by the project (Chapman and Ward, 1997). By improving the project planning, budget and design, project risk management is assumed to contribute to the success of
the project.