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Risk and assumptions are the possible factors that may mitigate the success of your project. It is important that one understand the possibility of risk and assumptions in each project and plan for it.
The assumptions describe the situations, events, conditions or decisions which are necessary for the success of the project, but which are largely or completely beyond the control of the project's management.
It is very critical to note that risk and assumptions are a very important part of the project design. I am beginning to get light and understanding in this very course.