Especially in the production of quotes that you become obligated to fulfill, the management of risk is an activity that should be engaged throughout the process of the project, which starts at the point where the requirements are being investigated and prices are being calculated. In our example of providing the client with a website reservation system, we have already identified the following risk factors of concern:
Small project means that there is less margin for error if the estimate is wrong.
Small project means that we are less able to adjust the budget allocated to different parts of the project to compensate for mistakes that cost the project.
There are unknown factors relating to both the client and their requirements.