Four Steps in Risk Management Procedure

C.

The correct answer is C. Identify, Assess, Plan, Implement.

Risk management is a crucial aspect of project management that involves identifying, analyzing, and mitigating potential risks that could affect the success of a project. There are four primary steps involved in the risk management procedure:

1. Identify: The first step in the risk management procedure is to identify potential risks that could impact the project. This involves reviewing the project scope, objectives, requirements, and stakeholder expectations to identify any potential risks. Risks can be categorized into several categories, such as technical, financial, environmental, political, and legal.

2. Assess: Once the risks have been identified, the next step is to assess their potential impact on the project. This involves analyzing the likelihood and consequences of each risk and assigning a risk score to each risk based on its severity. This helps prioritize risks and determine the appropriate mitigation strategies for each risk.

3. Plan: The third step in the risk management procedure is to develop a risk management plan. This involves developing a strategy for managing each identified risk, including contingency plans for mitigating risks that are deemed high priority. The risk management plan should also include a communication plan to keep stakeholders informed of potential risks and how they will be managed.

4. Implement: The final step in the risk management procedure is to implement the risk management plan. This involves putting the risk mitigation strategies into action, monitoring and tracking the effectiveness of these strategies, and making adjustments as necessary. The implementation phase also includes regular reporting to stakeholders on the progress of risk management efforts.

In conclusion, the four steps in the risk management procedure are identifying potential risks, assessing their potential impact, developing a risk management plan, and implementing the plan.