MANAGEMENT

Detailed explanation-1: -Risk identification should be performed early in the project (starting with preproject planning, even before the preliminary concept is approved) and should continue until the project is completed.

Detailed explanation-2: -Analyzing project risk using a risk matrix Once you have identified any potential risks, it is important to analyze them in order to determine their potential impact on the project. This can be done by using a risk matrix, which is a tool that allows you to compare risks and their potential impacts.

Detailed explanation-3: -During the initiation phase, risks are identified that could threaten the viability of the project. Mitigation options are considered to see if they would be sufficient to protect the project. During the execution phase, risks are checked off as activities are completed or mitigation is performed if loss does occur.