| Summary: | This study is meant to be a guide for micro companies regarding effective project risk management. The main purpose of this thesis is to introduce project risk management and build a user-friendly managerial model toward effective project risk management in micro companies. The research is based on a case company Persona Optima Iceland ehf. analysis. The study investigates risk management, uncertainties and risks in projects, project risk management, its models and particularities in order to give the main manner of project risk management and its adaptation in micro companies. Due to the need of improvements, recommendations and advices are drawn for the case or any other micro companies. A qualitative research based on interview technique was conducted to show how project risk management is implemented in the case company. Key words: Risk management, project management, project risk management, uncertainties, risks, effective project risk management
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