As a project manager, understanding the importance of various project elements is crucial. Which of the following BEST describes the primary purpose of risk management in a project?
To ensure the project is completed within budget.
To define the project's scope and prevent scope creep.
To maintain the quality standards of the project deliverables.
To identify uncertainties that can affect the project and develop plans to manage them.
Risk management involves identifying uncertainties that can affect the project and developing plans to manage them. Its primary purpose is to minimize the impact of potential issues on the project's objectives by proactively addressing risks before they occur. While cost management ensures the project stays within budget, quality management maintains the standards of the deliverables, and scope management defines the project's boundaries, none of these focuses on identifying and managing uncertainties as risk management does.
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What are some common types of risks that can affect a project?
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What is the process of developing a risk management plan?
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How does risk management differ from other project management processes like scope and quality management?
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CAPM
Project Management Fundamentals and Core Concepts
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