This new edition of Project Risk Management Guidelines has been fully updated to include the new international standards, ISO 31000 Risk management and IEC 62198 Managing risk in projects. The book explains the standards and how they can be applied. It provides a clear introduction to basic project risk management, introduces the reader to specialized areas of projects and procurement, and shows how quantitative risk analysis methods can be used in large projects. Chapter by chapter, the authors present simple, practical steps and illustrate them with examples drawn from their extensive experience from around the world, in many different industry sectors and cultures and at all stages of projects from conception through development and into execution. Qualitative and quantitative approaches are covered. Traditional structures and processes are discussed as well as developments in the way projects are conducted, such as outsourcing arrangements and risk-sharing structures like public private partnerships. Improved outcomes can be achieved when sound risk management is used to capture opportunities and reduce threats. Its unique focus and wealth of checklists, tables and other resources make this book an essential and enduring tool for anyone involved with project work.