A successful project will include risk management as part of planning phase. As stated by the professor, “if you fail to plan, plan to fail”. Risk management will help the company anticipate issues/ problems and identify mitigations ahead of time so there are preventative actions that can be taken even in the early phases of a project. For example, a company might have have a rule to ensure that all their suppliers produce their components in multiple sites and/or qualify multiple suppliers for the same type of component. This would ensure continuity of supply chain in case of environmental catastrophes that impact suppliers. Initially, risk management may be tedious and take time to evaluate all scenarios across the entire project activities. However this time is money well spent that will ensure a project plan can stay as close as possible to its timeline.