There are several approaches used to manage risk in a project as mentioned by many in here. The fundamental steps for risk management are to establish the goals and context, identify risks, analyzing the identified risks, asses or evaluate the risks, manage the risks, monitor and review the risks, and continuously communicate. Communication is essential for the risk management method. some methods also include Expert panels, SWOT analysis, Delphi analysis, PEST analysis, Cross-impact analysis and scenarios of development.