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Developing a risk management plan in the planning phase of a project is significant as it helps to identify potential risks early on, allowing for the development of mitigation strategies. This can help to prevent these risks from becoming issues that could potentially derail the project. It also allows for more accurate budgeting and scheduling as potential risks and their impacts are taken into consideration.
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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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