What are the critical factors that contribute to successful project risk management, and how can managers proactively identify, assess, and mitigate risks to ensure project success?

Marie Collins, owner of Grand Canyon Helicopter Adventures (a sole proprietorship), wants to expand her business. To do this, she needs an influx of cash and help running the business. Should she bring in her friend who is quite wealthy, is good at handling day-to-day operations, but has a less than perfect flying record?  Or should she continue to fly solo?  List the risks and benefits associated with bringing in the new partner.  Are there other options?

Define Risk and discuss why risk management is important for project success, and the process that can be taken to manage project risks.Explain different strategies that a project manager may use to respond to risks.

Which are the methods used to account the risk for business when analysing viability of project investment? What is the contrast between them? How to compare them?