Given the scenario below, why is it important for the project manager to effectively manage risks on this project? What processes, tools and techniques will you put in place to ensure risks are managed effectively. How will you measure your success?
Your comments should be supported by research that you reference at the bottom of your post.
Scenario
You are the project manager for a fast-track financial data warehousing project which much complete in three months. Typically, this type of project requires 6 months or longer to complete.
You have limited internal resources with the needed expertise to support the project and you rely heavily upon the vendor for support.
Your client is expects this project to be delivered on time, on budget and with the highest level of quality.