What is the importance of a risk management plan in the planning phase of a project?

A risk management plan is crucial in the planning phase of a project as it helps to identify potential risks that could impact the project's success. It allows for proactive measures to be put in place to mitigate these risks, ensuring that the project stays on track in terms of time, cost, and quality. It also aids in decision-making and resource allocation throughout the project.

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Planning Phase – this phase requires creating a task list, making a budget, developing a risk management plan, building a project schedule and assigning tasks. Execution Phase – includes task, time, cost, quality, change, procurement and resource management, collaboration, monitoring, control and reporting. Closing Phase – the last phase of the project management deals with deliverables transfer, completion confirmation, documentation review, resources release and post-mortem.

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