Risk definition is difficult with risk management, allowing users to set contingencies for risk. Although not foolproof, it allows management of risks throughout a projectâ€™s lifecycle. Consider risk management as a processâ€”its benefits, its level of importance between projects, and the effects when it is not present. Think about how a project must utilize risk management in all of its life cycle.
- How much risk management would you consider prior to project initiation and why?
- Is it possible to plan for all known risks? Why or why not?
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