Q: As a project manager you are practicing risk management. You have already defined potential risks, determined their likelihood, and prioritized them. Now, you’re making a plan to address and manage each risk. This represents which risk management step?
or
Q: You are using risk management as a project manager. You’ve already identified possible dangers, assessed how likely they are to occur, and ranked them. You are now developing a strategy to deal with and control every risk. Which risk management stage does this represent?
- Treat risks
- Analyze risks
- Identify risks
- Monitor and control risks
Explanation: In the process of risk management, the phase that you are describing, which involves making a strategy to handle and manage each risk after identifying possible hazards, assessing the chance of those risks occurring, and ranking them in order of importance, is often connected with the “Treat risks” stage. For this stage, you will be responsible for designing plans and actions to deal with the risks that have been identified. These may include risk transfer, risk reduction, contingency planning, or any other relevant measures.
