BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Risk Transfer
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Risk Avoidance
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Risk Mitigation
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Risk Acceptance
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Detailed explanation-1: -Identify Risks Early with a Risk Register One way to do this is with a risk register. A risk register (also known as a risk log) is an important part of risk management. It’s created at the start project and acts as a tool that helps project managers track issues and deal with them as they arise.
Detailed explanation-2: -An example of risk avoidance might be a manufacturing business not using certain hazardous materials or chemicals due to the dangers of handling and storing them; or, an organization limiting the type of customer data it stores on its computers in case of a cyberattack.
Detailed explanation-3: -Risk Monitoring Answers the question: How has the risk changed? After the PM approves the mitigation strategy, the program should systematically track and evaluate the performance of risk mitigation plans against risk burn down plans as well as assess performance achievement through associated TPMs.
Detailed explanation-4: -The process of identifying, analyzing, and responding to risk is the definition of risk management.