Q: As a project manager in the planning phase, you have created a project schedule and accounted for the total costs. What is the third major planning component you will create?
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Q: You have made a project schedule and taken into consideration all of the expenses as a project manager during the planning stage. What will be the third main planning element that you develop?
- A risk management plan
- A team performance chart
- A feedback form
- A work breakdown structure
Explanation: After you have developed a project timeline and taken into consideration the overall expenses, the “Risk Management Plan” is the third key planning component that you would normally prepare. The process of identifying, evaluating, and managing risks throughout the lifespan of a project is an essential part of a risk management strategy. In order to guarantee the overall success of the project’s execution, it incorporates measures for minimizing the impact of probable problems and addressing unexpected obstacles.
