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Risk Management

Risk management is the process of identifying, assessing, and mitigating risks during the development of a product. The goal of risk management is to minimize the negative impact of risks on the development process and ultimate success of the product. Risk management begins with identifying potential risks that could affect the product development process. These risks can come from a variety of sources, including technical problems, manufacturing defects, external factors such as market conditions or regulatory changes, or internal factors such as changes in team members or budget constraints. Once potential risks have been identified, they must be assessed in terms of their likelihood and potential impact on the project. Based on this assessment, a decision can be made about whether or not to mitigate the risk. If it is decided that mitigation is necessary, a plan must be put in place to reduce the likelihood or impact of the risk. Risk management is an ongoing process that should be revisited throughout the product development cycle.

Risk management is the process of identifying, assessing, and mitigating risks during the development of a product.

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