Given the scenario stated below:

Why is it important for the project manager to effectively manage risks on this project? What processes, tools and techniques will you put in place to ensure risks are managed effectively. How will you measure your success?

Scenario You are the project manager for a fast-track financial data warehousing project which must complete in three months. Typically, this type of project requires 6 months or longer to complete. You have limited internal resources with the needed expertise to support the project and you rely heavily upon the vendor for support.

Your client expects the project to be:

On time

On budget

With the highest level of quality.