Risk definition is difficult with risk management, allowing users to set contingencies for risk. Although not foolproof, it allows management of risks throughout a project's lifecycle. Consider risk management as a processits benefits, its level of importance between projects, and the effects when it is not present. Think about how a project must utilize risk management in all of its life cycle.

• How much risk management would you consider prior to project initiation and why?
• Is it possible to plan for all known risks? Why or why not?