How does project planning minimize risks? Describe how project planning helps minimize risks, and give examples. What are the critical elements you will need to effectively begin risk management? Why are they important to successfully manage project risk? How does knowing the critical path help with determining risk? You are the newly assigned project manager to a major IT upgrade project in your global company. How will you determine the risk tolerances associated with your project? What would you do first and how would you manage risk throughout the project?