Project management is one of the fundamental strategic processes at the level of organizations, the economy and societies themselves. It is aimed at managing projects of various natures and purposes, which serve as initiators of change, and affect all segments of business and everyday life. Project success is determined by factors such as time, money and quality, but in addition to them, success is determined by a number of other factors with special emphasis on the expertise of the project manager and the success of the project team. Measuring the success of the project should be carried out on the basis of a multilevel framework, which, together with traditional criteria and factors, implements the modern ones created as a product of modern business models. When designing each project, a project team is first formed, composed in such a way that the abilities of the team members complement each other, thus ensuring the necessary competencies for the successful achievement of project goals. The project manager is responsible for the work of the team, he must be able to manage change, make decisions, resolve conflicts and motivate his team to deliver the project product to the client within the set quality, budget and time frame. One of the most important segments of the project management process is risk management planning where the way in which this process will be implemented is defined. Overall knowledge and experience of the project manager and his team are the basis for successful identification, analysis, management and monitoring of project risks.