Current trends show an increasing interconnection between project management and some areas of business activity. According to several authors, project management is currently not only used for the management of complex strategic projects but also for the improvement of individual business processes. In the field of project management, there is a growing need for the effective management of schedules, human resources, costs, and risks. Experienced project managers argue that effectively applied project risk management can ensure a reduction in project costs, as well as a lower probability of project failure.

Explain why managers are not able to adequately apply risk analysis to the project management process and to individual company processes. Provide a 300-word response explaining your position on this topic.