Achieving the objectives in the presence of uncertainty is a requirement of most projects. In projects involving research, new technology, aggressive deadlines, or changing staff, the uncertainty is greater and the stakes are often higher. Project risk management involves the processes of identification and analysis of risk events, and the development of response and control plans to deal with these events. Through a combination of lectures, exercises, and case studies, the SOMOS Managing Project Risk Course provides an in-depth examination of the management of risk in pro­jects. The basics of risk manage­ment are covered, and the application of these general concepts in a project environment is illustrated. Different risk management method­ologies, tools, and techniques are pre­sented, and their strengths and weaknesses are compared.