Risk management is one of nine project management knowledge areas defined in the Project Management Body of Knowledge. Among project management practitioners it is one of the most critical activities for project success together with communication, resource planning and scheduling. Project management should always include risk management [7]. The Association of Project Management identifies and separates out a series of hard and soft benefits (see Table I) from deploying risk project management [8]. Bartlett [9] stresses individual benefits, and concludes that the major impact on deploying risk management resides in focusing the way the team members think, behave and work together. One further conclusion of the author is the contribution of project risk management to the organization as a means of identification of threats to the organization.