The theoretical underpinning of this research is primarily based on the theories related to project management and more specifically risk management. The study of existing theories on risk management revealed that the Active Threat and Opportunity Management (ATOM) methodology presents a potential and adequate current best practice for the purpose of the research discussed in this thesis. ATOM is a practical, scalable method that can fit any project, guiding the user stepwise from the project start to its completion through stakeholder analysis, objective clarification, risk identification, risk assessment, response planning, response implementation and reviews.