How much risk management and risk management planning is enough? There is no immediate answer to this question; however, a good starting point is to consider the following objectives and constraints:
- Costs and time of implementing risk management are proportionate to the costs and time of the projects -less than 10% is a reasonable starting figure.
- Identified, key opportunities generate benefits, potentially offsetting the negative impact of threats.
- Planning avoids or proactively mitigates critical and catastrophic risks.
- Risks are proactively managed - the plan put the team in control.
- Key metrics measure the success of risk management and establish the groundwork for continuous improvement.
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