Answer: BELOW
Explanation:Good risk management starts when the project commences. It is about the ongoing process of monitoring and managing the risks of the project while it is being implemented and taking action to minimize risks. Risk assessment typically happens prior to project commencement and is about identifying what the risks are and assessing the probability and the financial impact of risk - enabling appropriate planning and strategies. Project Teams need to understand risk whether they are Matrix or Task Force teams. Good project management requires the Project Manager and Project Sponsor to plan to include inevitable ‘scope creep’. This is because the stakeholders in a project may wish to change project fundamentals as the project proceeds. Project teams have to deal with the concept of ‘known risk' when undertaking risk assessment and risk management. It has been recommended that ‘unknown risks’ should be managed appropriately by good Project Managers and that contingency responses to unknown risks are an important risk management issue.