Engineering construction projects are a complex series of activities performed by different parties at different times, frequently with different perspectives, objectives and experience. Too often the outcomes are unsatisfactory in terms of cost, completion date and sometimes performance and quality. Too often those involved have excused poor performance by averring that the project had particular aspects which differentiated it from other projects; hence the problems could not be foreseen. Frequently the problems could and should have been foreseen and steps could and should have been taken to avoid or minimise them. The process by which problems can be identified, assessed and managed has become known as Project Risk Management. This paper examines the lessons which should be learned from previous projects, how they can be absorbed and the difficulties which have prevented this from happening.

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