Joe and his team are working to develop a new product. They have been given a fixed budget and a rough estimate of the time left until the product must hit the market. The team's key concern is that the product would be too costly and time-consuming to produce. What kinds of risk is likely to be faced by Joe and his team?

Explanation:

In this case, Joe and his team are likely to face a known risk, which is configured as a risk that the project manager knows exists, exemplified in the question as the team's concern about a very expensive and time-consuming product to produce.

When the risk is known, it is possible for professionals to be able to identify and plan actions in advance to find solutions to this type of risk.

Therefore, it is necessary that in every project there is an area dedicated to risk management, because in every project there are internal and external factors that can influence or change the life cycle of a project. The importance of identifying such factors and their causes is an important step in risk management.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.