Nothing can be controlled which cannot be measured. In a project there are three things which can always be measured- the schedule, the cost, and the users satisfaction. Note that the latter is not the same as whether or not the project meets the original specifications. If the project meets all these three criteria, it is right to consider it a successful project. If it meets two of them and comes close to the third it is probably successful. Few projects which are very late and very much over budget are considered to be successful, however beautifully they meet the users’ requirements. Therefore, the essence of Risk Management is the avoidance of anything which extents the schedule, increases the costs, or impairs the users’ satisfaction with the product of the project.