During a project kickoff meeting, stakeholders express concerns about potential budget overruns due to unforeseen risks. How would you address these concerns as a project manager?
- Conduct a thorough risk assessment and develop a contingency plan to address potential budget overruns.
- Ignore stakeholder concerns and proceed with the project as planned.
- Implement strict budget controls and limit project scope to minimize the impact of potential risks.
- Reassure stakeholders that risks are a normal part of projects and that the team is capable of handling them.
Addressing stakeholder concerns about potential budget overruns requires proactive risk management. By conducting a thorough risk assessment and developing a contingency plan, the project manager can identify potential risks and their potential impacts on the project budget. This approach demonstrates the project manager's commitment to addressing stakeholder concerns and ensuring project success.
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