It is said "anything worth doing will have risks associated with it". With the advancement in computer networks and globalization making the world increasingly complex, the need to manage the risk in decision making is on the rise. The recent turmoil in financial markets and resultant drastic changes in environment is necessitating the need to relook at our tools, techniques and philosophies that drive the performance- strategic and operational- of organizations with a view to avoid the possible pitfalls in the future. As economy is slowly emerging out of recession, the need for incorporating risk into strategic and operational plans is increasingly being realized. This course on Risk Management addresses this issue in detail and provides insights and frameworks to proactively manage the risk in different operational situations ranging from manufacturing to projects.