In an increasingly complex and volatile business environment, organizational project
risk management plays a critical role in determining the chances of project success.
Project management has become a common tool in the hands of large organizations for
executing development and improving their production cycles in a more carefully planned
way. However, the future is often hard to predict, and unexpected events may occur
which could have been avoided with the use of the right tools and mindset. This comprehensive
research study aims to showcase the importance of continuous risk management in organizations
and highlight how risk management contributes to successful project outcomes. By synthesizing
information from 59 high-quality publications from Scopus and Web of Science, the
research describes various risk mitigation methodologies used across diverse fields,
and explores potential obstacles faced by project managers when executing risk management
strategies. The primary research of the study builds upon a survey conducted with
181 experienced project managers across various industries to gain deeper insights
into their risk management approaches and the constraints they may encounter. Additionally,
the study seeks to analyse the value of obtaining project management certificates
in relationship with led projects’ length and budget. Employing SPSS, the research
presents descriptive statistics, regression, and correlation calculations to further
analyse the data gathered. The aim of the research is to draw attention to the significance
of continuous risk management, propose effective methodologies, identify and mitigate
potential challenges, and shed light on the potential benefits of having certifications
in the field of project management. This study aims to present valuable knowledge
for both researchers and organizations striving to better understand the field of
project risk management strategies through the systematic literature review and quantitative
research results presented.