Planning Phase: This phase sets the foundation for the entire project. Risk management is a crucial part of planning. During this phase, project managers and stakeholders identify potential risks (e.g., technical challenges, resource constraints, market changes), assess their likelihood and impact, and develop mitigation strategies to minimize their negative effects. This proactive approach ensures project objectives are more likely to be met.
*****
Requirements Analysis Phase: This phase focuses on understanding and documenting user needs and system functionalities. While some risks related to requirements might surface, the primary focus is not comprehensive risk identification and mitigation.
Design Phase: This phase translates the requirements into a system architecture and design. While design choices can introduce or mitigate certain risks, the core risk management activities are already defined in the planning phase.
Deployment Phase: This phase involves releasing the system to users. While risks can still arise during deployment, the major risk assessment and mitigation planning should have occurred much earlier in the project lifecycle.