Implement Step Within the Recommended Risk Management Procedure

C.

The Implement step within the recommended risk management procedure involves carrying out the activities necessary to control and deal with identified risks. This step follows the Plan and Identify steps, where risks are identified and analyzed, and appropriate risk responses are planned.

Option A, "Project Support will allocate the risk budget to fund the selected risk responses," is incorrect. While budget allocation may be necessary to fund risk responses, this is not the specific activity that occurs during the Implement step.

Option B, "The risk owner will decide the best response to control the risk," is partially correct. The risk owner's input is critical in deciding on the best response to control the risk. However, it is not solely up to the risk owner to determine the response. Other stakeholders, including the risk actionee, should also be involved in carrying out the response.

Option D, "The Project Manager will formulate the Risk Management Strategy," is incorrect. The Risk Management Strategy is developed during the Plan step and is not specifically formulated during the Implement step.

Option C, "The risk owner and the risk actionee will carry out activities to control and deal with the risk," is the correct answer. During this step, the risk owner and risk actionee will work together to implement the selected risk response(s) identified during the Plan step. This may involve developing and executing contingency plans, monitoring the risk and its impact, and updating the risk register with any new information.

Overall, the Implement step is crucial in effectively managing risks to mitigate their impact on project outcomes. By involving all relevant stakeholders, risks can be addressed proactively, and the likelihood and severity of negative impacts can be minimized.