Which of the following is considered a part of effective planning in a project?

Effective planning in a project involves anticipating potential challenges and developing strategies to address them, which is precisely what a risk mitigation plan entails. This plan is essential for identifying possible risks that could negatively impact the project's success and establishing actions to minimize their effects. By addressing these uncertainties proactively, project managers can enhance the likelihood of achieving the project's objectives.

While estimating profits, conducting competitor analysis, and setting sales targets are important aspects of business strategy and can influence project planning, they do not directly fall under the category of effective project planning itself. Estimating profits provides a financial perspective but does not address operational risks. Conducting competitor analysis is valuable for understanding the market but does not focus on internal project risks. Setting sales targets is related to performance metrics but, again, does not involve the proactive identification and planning for potential project challenges. Therefore, developing a risk mitigation plan stands out as a vital component for ensuring thorough and effective project planning.