Question

Some level of risk planning should be done during ________ of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project. With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price

Answer 1

The correct answer to the following question is Initiating phase of the product life cycle.

Step-by-step explanation:

When a company undertakes a project there is always risk on the success of project objectives, that's why it is important that a company implements risk management process as early as they can in the projects life cycle, starting with the initiating phase of the life cycle. So that the risk can be identified in early stage and then it cab be assessed properly and right responses can be developed before moving on to next stage of projects life cycle.