Final answer:
Projects with significant risk should not be taken to the selection committee without having a comprehensive risk analysis and a mitigation plan.
Step-by-step explanation:
It's crucial to understand that any project, especially those with a high degree of uncertainty, poses potential challenges that could affect the project's outcome and success. By conducting a thorough risk analysis, project managers can identify potential issues that might arise during the course of the project. These risks could range from technical challenges, cost overruns, regulatory changes, to market dynamics and more.
Developing a mitigation plan to address these risks is equally important. This plan outlines strategies on how the organization will manage and mitigate the risks if they materialize. Presenting a well-considered risk analysis and mitigation strategies demonstrates a proactive approach to project management.
It can significantly improve the chances of a project's approval as it shows the selection committee that potential problems have been anticipated and solutions are in place. This due diligence assures stakeholders that the project team is well-prepared to handle project uncertainties.