Question:

(a) Project plans are created in knowledge areas throughout the different phases of the project life cycle and are subsidiary components of the overall project management plan. Explain the importance of a project management plan and briefly elaborate of the content of the document.

(b) Risk has always been an intrinsic part of project management. With increasing market competition, technology, and globalization, risk management is continuously gaining wider acceptance and importance and has become a must for project success. Discuss the main components that are likely to be included in the risk management system.

(c) Project Programs and Portfolios are tactics used by organizations to implement their corporate and business strategies. Discuss the terms Program and Portfolio management in project.