During the initiation phase, risk are identified that could threaten the viability of the project. Mitigation option are consider to see if they would be sufficient to protect the project. During the project planning phase, risk are identified and analyzed for each activity group in a risk breakdown structure and mitigation is planned against each risk activity. as the project progresses, more information becomes available to the project team the total risk on the project typically reduced the activities that are performed without loss. During the execution phase, risk are checked off as activities are completed or mitigation is performed if loss does occur. New risk is identified and added to the plan. During the closeout phase, agreement for risk sharing and risk transfer with or the insurance company need to be concluded as per the contract are cancelled and partnership terminated. A summary of actual cost associated with risk compared with initial estimates to refine estimating capabilities . The success or failures of the risk management plan are summarized and save in the documentation to add to add to the company's corporate knowledge project.