 Risk management is the identification, evaluation, and prioritization of risks defined in ISO 31000 as the effect of uncertainty on objectives followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events one or two maximize the realization of opportunities. Tracks can come from various sources including uncertainty in financial markets, threats from project failures at any phase in design, development, production, or sustainment life cycles legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, Actual Aerial Societies, and ISO standards.2-3 methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actual aerial assessments, or public health and safety. Strategies to manage threats uncertainties with negative consequences typically include avoiding the threat, reducing the negative effect or probability of the threat, transferring all or part of the threat to another party, and even retaining some or all of the potential or actual consequences of a particular threat, and the opposites for opportunities uncertain future states with benefits. Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk, whereas the confidence in estimates and decisions seem to increase.One for example, one study found that one in six highly projects were black swans with gigantic overruns cost overruns averaged 200 percent, and schedule overruns 70 percent.