What are the four distinct stages of systematic risk management and what takes place at each?
What will be an ideal response?
The four distinct steps of systematic risk management are:
Risk identification — the process of determining the specific risk factors that can reasonably be expected to affect the project.
Analysis of probability and consequences — the potential impact of these risk factors is determined by how likely they are to occur and the effect they would have on the project if they did occur.
Risk mitigation strategies — steps taken to minimize the potential impact of these risk factors deemed sufficiently threatening to the project.
Control and documentation — creating a knowledge base for future projects based on lessons learned.
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What will be an ideal response?