What Is the First Step in Developing a Risk Management

question 55

Multiple Choice

What is the first step in developing a risk management plan?

• A) Analyze the risks
• B) Estimate the likelihood of the risks occurring
• C) Identify potential project risks
• D) Develop a risk mitigation plan
• E) Estimate the potential impact of risk on the project goals

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Definitions:

Value Barrier

Value barrier refers to the perception or real obstacles that prevent consumers from adopting a product, service, or innovation due to perceived lack of value.

Financial Commitment

The obligation to allocate financial resources to a project, investment, or obligation, reflecting a dedicated intention to follow through.

Cultural Differences

the variations in practices, norms, and customs among people from different backgrounds, leading to diverse worldviews and ways of living.

Psychological Barrier

Mental or emotional blocks that impede a person's ability to communicate effectively, make decisions, or progress towards goals.