Risk management is a process of thinking systematically about all possible outcomes before they happen and setting up procedures that will avoid them, minimize their impact, or cope with their impact.
Risk management is an iterative process exercised throughout the life of the project and is expressed as a continuum from unknown unknowns to known unknowns to known knowns. The initial risk assessment performed as part of work planning can expose potential risks followed by the identification of associated mitigating actions; however, risk management best practices dictate ongoing reviews of identified and emerging risks.
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