Project management approach is one of the crucial aspects of enhancing the operational efficiency of project-based organizations that makes optimum resources use possible. Risks management significantly affects operational effectiveness and performance efficiency in competitive organizations. These calls for a new management approach, such as the PMBOK project management standard that helps risks identification and methods of mitigating their adverse consequences. The aim is to focus on analysis of project-related processes in organizations using the PMBOK guideline risk management concept. The study is undertaken in the project-oriented Lorestan National Gas Company in Iran. The methodology involved using primary data using interviews of relevant stakeholders on project-management processes involving three major stages of data collection, process identification and process analysis based on the PMBOK. Results show the importance of risk management analysis in identifying major risk-generation areas required to take appropriate measures in averting or overcoming unexpected operational and performance challenges that affect organizational survival. Results further show the effectiveness of the proposed method in achieving a more effective project control system that makes it possible for on-time project scheduling, enhanced performance effectiveness, economic justification and organizational survival.