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Project risk analysis is prevalent during the planning phase of major projects — prevalent, that is, for determining the probability of finishing on time and on budget. Risk tools help provide the likes of risk-adjusted completion dates and key risk drivers — all very useful. But what about the most important decision to consider about any project: whether or not to start it in the first place? Project risk analysis should have an equally valuable place in the early pre-planning, initiating or concept select phase.
All projects can be broken down into phases. An example is initiating; planning; execution; closeout. A project should be viewed as the expenditure of time and