A risk management is a method used to identified, quantified, and managed all the risks to the project during the execution of the project. The process entails taking several actions to reduce the likelihood occurrence and the severity of the impact of each risk. The method is also used to ensure that every risk is identified, quantified, avoided, transferred and/or mitigated.
Cost Management is a method used to identified, approved, and paid all cost/expenses incurred on the project. Example of cost types are: Labour cost, Equipment cost, materials cost, and administration cost.
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