Given the scenario below, why is it important to develop a both a Risk Breakdown Structure (RBS) and a Work Breakdown Structure (WBS) for the project? How will the RBS and WBS be used by the project team for the purpose of risk management on the project?
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Scenario
You are the project manager for the construction of a new 1.5 acre park in the downtown area of Detroit, MI which will have an on-site restaurant, permanent stage for entertainment, play areas, picnic areas and shaded areas, as well as free wi-fi for the guests.
The park must be completed within 12 months. The land has been acquired and the ground breaking ceremony is next week.
The Mayor of Detroit is personally interested in the park and plans to pay regular visitsduring construction.