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chances of risk events

The chances of risk events occurring and their respective costs increasing change over the project life cycle. What is the significance of this phenomenon to a project manager? Can risk be eliminated if a project is carefully planned? Why or why not?

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The probability of the occurrence of risk events and their potential impact on the project is a matter of great importance to the project manager as it can severely impact the project scope, budget, schedule,etc. Project manager need to carefully analyze, plan and implement the risk mitigation strategies well in advance in order to minimize the negative impact of ...

Solution Summary

The chances of risk events occurring and their respective costs increasing change over the project life cycle. What is the significance of this phenomenon to a project manager? Can risk be eliminated if a project is carefully planned? Why or why not?

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