Principle objective of this article is to analysis an outline of Project Risk Management. Project risk management is an important aspect associated with project management. According to Project Management Institute’s PMBOK Risk management is among the ten knowledge areas in which a project manager need to be competent. Project risk is defined by simply PMI as ‘an doubtful event or issue that, if the idea occurs, has a positive or negative affect on a project’s objectives’. Good Project Risk Management will depend on supporting organisational factors, clear roles as well as responsibilities, and technological analysis skills. Here explain five factors of Project risk management: planning risk management, performing qualitative risk analysis, risk identification, performing quantitative risk analysis and monitoring and controlling risks.