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 identify uncertainties that can affect the project and develop plans to manage them.
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.
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 the key steps in the risk management process for a project?
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CAPM
Project Management Fundamentals and Core Concepts
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