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Identifying risk in early stage in the project with plan the response to every risk could reduce risk impact also reserve a budget for risk could be effective with taking in our consideration that is not all risk are bad thing(threats)
Project risks usually occur due to overlooking of a project's constrains.
Effective scope, time, quality, stakeholder management, with special focus in Planning and Execution phases can reduce project risks, or can certianly allow risk identification in time.
By being able to spot that risk and incorporate its mitigation in the project plan. Spoting the risk requires experience and team work.
Identify risks and constraints with the introduction of alternative scheme depends on reducing the length of time with doing several tasks at the same time (fast track)
Keeping in view all the Factors i.e
Behavoir of the Controlling Authorities/ Govt Bodies.
Local Envoirnment for mobilization and stocking of material.
Density of services / utilities.
Etc......
Keeping all such factors and above all the Experiance Provide a provision of Contingencies / Unfore seen in the Estimate will reduce the Risk.