MANAGEMENT

Detailed explanation-1: -Risk response planning is the process of developing options and determining actions to enhance opportunities and reduce threats to the project‘s objectives. It includes the identification and assignment of individuals or parties to take responsability for each agreed risk response.

Detailed explanation-2: -To begin creating a risk response strategy, identify and quantify potential risks in each project. Calculate the probability of their occurrence and the impact they may have on the project. In doing so, you’ll outline the severity of the potential risks and determine what is manageable and what must be avoided.

Detailed explanation-3: -The risk management process includes five steps: identify, analyze, evaluate, treat, and monitor. You can mitigate risks by avoiding, accepting, reducing, or transferring them.

Detailed explanation-4: -The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their impact. Project managers should work to eliminate the threats before they occur. Similarly, the project managers should work to ensure that opportunities occur.