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Risk management is a crucial component of any project's success as it helps identify, analyze, and mitigate risks that can impact objectives. Studies show that projects implementing effective risk management strategies increase their likelihood of success by up to 60%.
According to a report from PMI (Project Management Institute) in 2021, 70% of projects that adopted explicit risk management achieved or surpassed their current goals, compared to 45% of projects that did not employ a rigorous risk management approach. Financial losses significantly decreased in projects with stringent risk management measures, achieving a 30% reduction in cost overruns.