Question:

(a) Today, project management is a standard way of doing business and has been widely adopted by many organizations. The key to success and productivity is often linked with the way organisations choose projects which must be in line with the business strategy of an organization. Briefly elaborate on the importance of aligning projects with business strategy.

(b) Risk has always been an intrinsic part of project management. With increasing market competition, technology, and globalization, risk management is continuously gaining wider acceptance and importance and as become a must for project success. Critically discuss the main components that are likely to be included in the risk management system.