Risk
A risk is an event that may or may not occur , but if it does, it will impact negatively on the project. Project managers prepare for risks with a risk assessment. First, they have to assess the likelihood of the risk, then decide what precautions to take. If the risk is very unlikely, they may take no precautions, or if it’s more likely, they may prepare a contingency plan.
For more significant risks, there may be a section of the budget allocated to compensate, or even special equipment purchased to mitigate that risk.
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