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?