Risk definition is difficult with risk management, allowing users to set contingencies for risk.
Risk definition is difficult with risk management, allowing users to set contingencies for risk. Although not foolproof, it allows management of risks throughout a project’s lifecycle. Consider risk management as a process—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.
It is important to consider project risk during the project initiation phase. Discuss how the project charter can help to identify risks that the project may be exposed to and describe several examples of risks that would be identified at this phase of the project.
Is it possible to plan for all known risks? Why or why not?
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