Risk defination

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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.

  • 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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