Management : Risks Qstns 2

Running Head: RISK QUESTIONS1RISK QUESTIONSNameInstitutionCourseInstructorRISK QUESTIONS2Question 1.Describe the general processes that should be followed in managing risks throughout aproject. Be sure to include the general sequence in which these processes are carriedout.Risk management is a framework that consists of actions or processes that should becarried out when trying to manage risks in a project (Aven, 2016). This process consists of fivemain steps or processes that ought to be followed in the correct order. The first step in the riskmanagement process is to identify the risk in the first place. This step entails defining the type ofrisk that the project is exposed to. The identified risks are then listed. The risks are now visibleand can be efficiently dealt with, then they have been identified.The next step is to analyze the risks that have been identified. The extent of the risk isanalyzed, and the link between the risk and other factors is understood. The next step is to rankthe risks in different categories and levels of severity as well as possible effects. Risks are rankedfrom low-level risk to high-level risk. This helps the project managers plan their risk interventionprocedures appropriately.The fourth step is to treat the risk. Treating means eliminating or containing the risk as much aspossible. This includes enlisting experts or dealing with the risks head-on. Risk managementsolutions are implemented at this stage. ...


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