This is a report on Risk Management. In Chapter I the theories of risk management analysis, containment and resolution are outlined. In Chapter II the report seeks to illustrate the practical benefits of risk management techniques by examining the typical life cycle of a software development project. Software development was chosen because projects in this area are renowned for their lack of success in timeliness, cost and quality. It would appear, therefore, that if risk management techniques were applied, there would be improvements in these areas. The instruments described range from simple check lists I did it happen / did it not' to Target Risk Profiles where risk probability and weighting factors are combined to produce a graph of a project's projected likely performance mapped against the actual outcome. References are made to the various institutions who contributed to the report. These range from large multi-national organisations like Andersen Consulting and the United Nations to Project Management Ireland a local Irish company. Their individual views on Risk Management varied but their awareness of the need and benefits were unanimous. The conclusions and recommendations sections clearly indicate the need for sound Risk Management practices. In summary the report explains the theory and practise of Risk Management and recommends more formal use and acceptance of the principles involved for use in the management of projects. Illustrations of large projects where Risk Management was ignored are included in Appendix n and these make interesting reading for those who might remain unconvinced.