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The article brings to life an ignored reality, and exposes the theoretical flaws in the process of identifying risks in a project. Theoretical in the sense that impacts of these risks on the project being viewed individually and much easier to address while in reality, the systemic impact of all identified and present risks having a potential to cripple a project. The article is definitely an eye opener to project managers as it illustrates the need to look beyond the time, scope and budget associated risks and consider other environmental influences of social, political and technological nature. These are equally important and must be assessed to the a realistic extent possible to ensure success of a project.