Abstract
Traditional project risk management techniques are becoming less and less effective in the age of Industry 4.0, which is defined by sophisticated automation, data interchange, and cyber-physical systems. It suggests a new framework that improves risk detection, assessment, and mitigation techniques by utilising technology like artificial intelligence (AI), big data analytics, and the Internet of Things (IoT). This paper illustrates how Industry 4.0 is revolutionising risk management procedures by looking at actual case studies and industry implementations. The framework offers practical insights for practitioners looking to adjust to the changing technological landscape by addressing important possibilities and obstacles. According to the research, implementing Industry 4.0 technologies can greatly enhance project results and risk management effectiveness, providing a means for businesses to handle the challenges of contemporary project environments.