In the decision process, risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures (Rejda, 2006; p. 63). Effective risk management aims to improve project performance by helping to manage both threats (down-side risk), and opportunities (up-side risks) (Ramgopal, 2003). With this perspective, risk management looks like uncertainty management (Ibid). Risks are also important for managers to understand, although they are problems that have not yet happened (Cervone, 2006).