For me, the biggest reason is that you don't know everything at the beginning of the project. As you learn more through requirements, design, and schedule development, you gain the ability to identify more risks in areas that you previously were not aware of, or could not know because it wasn't a consideration, yet. Saving Changes...
To complement Aaron, the project don't execute exactly has plan, changing risk in the process! Saving Changes...
Deepesh RammoorthyICT Project Manager ( PMP®AgilePM®Certified ScrumMaster® (CSM®))| Australian Red Cross Blood ServiceTarneit, Vic, Australia
Project Planning is all about progressive elaboration. Risk Management Plan is a part of the Project Management plan and there is every reason it can be progressively elaborated. some risks on the watch list may suddenly become important and you may have to focus and use up your contingency resources. other times something is catastrophic in the middle of execution and you may have to use Management Reserves Saving Changes...
I fully agree with Aaron and Vincent. This is not limited to only risk management planning but this might be applicable to almost all processes. Saving Changes...
A project won't be executed the same way it is planned. Some things may go wrong or there could some factors which blocks the work.
In such cases, it is very important that you keep on performing risk assessment and plan risk responses. A PM should always be looking out risks and mitigation plans. Saving Changes...
Islam ElsayedHR Assessments Consultant - Thomas Psychometric Assessments | Freelance ConsultatntKuwait City, Kuwait City, Kuwait
Should there be a potentiality factor of unlikely events, risk management planning and its relevant updates, if done several times during the project life cycle, will definitely keeps you at the safe side and hence spares you more effort. Saving Changes...
The project environment is not static therefore risk management cannot be static. I agree with all the other comments. To be a good PM you need to be aware of both details and the bigger picture.
I like to tell my mentors pretend you are an ant which has two antennas one needs to be focused on the work on what is right in front of you and the other needs to be testing to see what is ahead and be aware of changes the could signal danger or another tasty morsel. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Think about your personal life. Each time things change, do you plan again or not?. The same in project management. The project plan as a whole must be reviewed continuously. The only thing you can be sure as project manager is that change will arrive constantly. Saving Changes...
Building on what Deepesh mentioned, progressive elaboration is the name of the game. I have found that the key advantage to re-examining risk management planning is to assess the continuous validity of a given mitigation action. Nothing will derail a project faster than having an ineffective mitigation strategy to address a specific risk.
The flip side of this discussion is related to opportunities. At the onset of a project, we may have a general understanding of opportunities, only through execution can be realized and identify new ones that can of benefit to the project and the organization Saving Changes...
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