MANAGEMENT

Detailed explanation-1: -Risk management attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented.

Detailed explanation-2: -Step 2. Assess the hazards-For each hazard identified, determine the associated degree of risk in terms of probability and severity. The result of the risk assessment is a prioritized list of hazards, which ensures that controls are first identified for the most serious threat to mission or task accomplishment.

Detailed explanation-3: -Mitigation includes reduction of the likelihood that a risk event will occur and/or reduction of the effect of a risk event if it does occur.

Detailed explanation-4: -A contingency plan explains the steps to take after the identified risk occurs, in order to reduce its impact.

Detailed explanation-5: -For example, one dictionary defines hazard as “a danger or risk” which helps explain why many people use the terms interchangeably.