Application of a Risk Management Methodology in Industrial Projects: A Case Study in the Metalworking Sector Elisabete OLIVEIRA Master’s in Engineering Project Management, University of Minho, Campus de Azurém, 4804-533 Guimarães - Portugal elisabete.v.oliveira@hotmail.com Anabela TERESO Production and Systems Department / Centre ALGORITMI, University of Minho, Campus de Azurém, 4804-533 Guimarães - Portugal anabelat@dps.uminho.pt Cláudio SANTOS Production and Systems Department, University of Minho, Campus de Azurém, 4804-533 Guimarães - Portugal claudio.santos@dps.uminho.pt Abstract All projects are subjected to varying degrees of uncertainty and risk because they are unique. Risk management of a set of specialties that make up an industrial project is one of the most difficult challenges. It is up to the project manager to develop the ability to predict events, seize opportunities or assess threats, allowing mitigation measures to be implemented in a timely manner. The main objective of this research was to verify the influence of the application of a risk management methodology in the project objectives. The methodology implemented is based on the risk management process described in the sixth edition of PMI's PMBOK Guide. A baseline model for risk identification, assessment and response planning was developed. For monitoring, a Mapping Risk was developed whose project risks are mapped according to probability and impact, allowing a better understanding of the evolution of risk throughout the life cycle of the project. The case study was carried out in a Portuguese industrial organization, which provides several services in heavy metalworking. This research aims to contribute to the dissemination of risk management, mainly in the metalworking sector, where the lack of integration of risk management with the organizational processes is a reality. Introduction Industrial projects are characterized by being quite complex, involving several specialties such as civil, mechanics, electricity, safety, environment, among others. These are projects with very low margins but with high risks (Gepp et al., 2014). With the increasing internationalization of companies, industrial projects began to be developed in very volatile contexts that sometimes lead to failure (Gepp et al., 2014). The leap into the global market forced Project Managers (PMs) to take on new challenges in a completely heterogeneous and unfamiliar context. Both uncertainty and risks are present and can cause irreparable damage to the defined value criteria (PMI, 2017). In industrial projects, whose margin is reduced, good management of time, cost and quality is vital for the sustainability of organizations (Gepp et al., 2014). If a project fails its value criteria due to the associated penalties, it may jeopardize the benefit of a number of other projects (Gepp et al., 2014). The integration of risk management is essential in order to minimize losses and increase profitability (MacLeod and Akintoye, 2013). It is estimated that between 2014 and 2019, direct losses due to lack of risk management for the current large-scale cluster of projects may exceed $1.5 trillion in worldwide (Mckinsey & Company, 2013). The risks of a project arise from the existing uncertainty at various levels (Perminova, Gustafsson and Wikström, 2008). Uncertainty becomes risk when information becomes more reliable, allowing the Project Manager (PM) to estimate probabilities (Perminova, Gustafsson and Wikström, 2008). From historical data or the experience of PMs and Education Excellence and Innovation Management through Vision 2020 5647