In this chapter, we talked about requirements analysis and risk assessment. When developing requirements, concern yourself with various inputs that have an impact on the project; inputs include things like assumptions, expectations, industry standards, corporate standards, etc. Requirements should be thoroughly defined and able to be represented via some metric that can quantify, at project closure time, how well you met the requirement. You should also be able to validate which requirements are unrelated—the "nice to haves" versus the "need to haves." You should obtain formal customer agreement and buy-in to all of the requirements and get sign-off from the project sponsor for the requirements as formulated, understanding that to add requirements after sign-off will require going through the change-management process, probably a scope change, and a re-sign-off by the sponsor.
Risk assessment, a large and complex project management topic, represents the identification of risks to the project, prioritizing those risks and developing responses to the risks should they occur.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.