Risks are associated with every project and should be identified in order to avoid negative
impacts on the overall performance. Many problems which are faced in later phases of the
PLC result from unmanaged risks from the earlier stage (Chapman and Ward, 2003). This
indicates how important it is to carry out accurate analysis especially in an initial phase of a
project. Raz et al. (2002) perceive RM as a process which starts at project definition and
continues through planning, execution, control and closure phase. However, a study
conducted by Lyons and Skitmore (2002) proves that planning and execution are the two
phases where RM is most widely used. In contrast, Elkington and Sallman (2002) found that
the conceptualization phase is the most important in the RMP.