Why is the Risk Analysis Essential in the Project Management Process?

According to some experts, the risk analysis is a complex and compulsory step in the project management that assures its success. Indeed, its aim is to allow the company to identify, analyze and respond the different risks it may has to face thanks to various tools like the Delphi Method, the fishbone diagram, the FMEA (Failure Mode and Effect Analysis), etc. This research paper highlights the major role of the risk analysis illustrated during all the demonstration by the example of a press conference organization in January 2014. The results are that a complete risk analysis increases the success probability of companies projects thanks to the following five steps underlined in the PMBOK Guide. However, this report emphasizes that even if there is several tools that are available for companies, they have to use them carefully, cleverly and efficiently during the whole project management from the risks identification to its real facing.