Question: 1) Why is Project Risk Management so important to the success of a project? What are some of the benefits to managing risk well in

1) Why is Project Risk Management so important to the success of a project? What are some of the benefits to managing risk well in a project?

2) What is Project Procurement Management and why is it so important? What do we mean by conducting and controlling procurements? Describe some of the work involved in planning procurements for projects, including determining the proper type of contract to use and preparing a procurement management plan, statement of work, source selection criteria, and make-or-buy analysis. Pick one of these items, define it, and discuss what goes on there.

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