Updates to the plan are made throughout the project management life cycle. An effective use of tools and techniques can help to mitigate risks. They are often related. Mitigation of one risk may create another risk or increase the impact of an existing one. The greater the benefit, the more risk is acceptable.
Risks are value based - The risk acceptance level varies from person to person.
Both personal and company values affect risk taking. Risks are time based - Risk is a future phenomenon caused by today's actions. Time affects risk perception. Risks encountered during project performance may be detrimental to the achievement of project objectives. The project manager is obligated to deliver a product that fulfills the customer's needs as specified in the scope of work, on time and within the terms and conditions of the contract.