Abstract
As enterprises need to remain financially viable and competitive in a business environment which changes continuously, projects are of prime importance to assist the transformation process. Executive managers should therefore play a proactive role by handling project risks during the project life cycle to ensure the successful completion of projects. The objective of this research embodies the improvement of financial decision-making concerning the management of project risk. To achieve this objective, attention is paid, amongst others, to the project life cycle, the importance, duration and re-evaluation of the phases of the management process of project risk, the techniques used to identify, as well as analyse project risks, and alternative response strategies used when handling project risk. The various aspects mentioned will be addressed by means of a literature study and an empirical survey.
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