What are the steps that you will take to do risk planning?
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What are the steps that you will take to do risk planning?
Answer
Effective risk planning is central to the success of a project by minimizing threats and maximizing opportunities. The steps involved in risk planning are:
- Discovering risks
- Analyzing potential risks including their probability and anticipated impact
- Prioritizing risks
- Developing risk responses for opportunities and hazards
- Maintaining a risk register
Risk planning compiles all the risk events, their probabilities, impact, and response plan that will serve as a reference point for establishing cost estimates and project schedules.
