While preparing your risk responses, you identify additional risks. What should you do? Add reserves to the project to accommoda

Question

3 years ago

13

While preparing your risk responses, you identify additional risks. What should you do? Add reserves to the project to accommoda

te the new risks and notify management. Document the risk and calculate the expected monetary value based on the probability and impact of the occurrences. Determine the risk events and the associated costs, then add the cost to the project budget as a reserve. Add 10 percent contingency to the project budget and notify the customer

Business

1 answer:

saw5 [17] · Answer 1 · 2022-10-01T22:23:16+03:00

Answer: Document the risk and calculate the expected monetary value based on the probability and impact of the occurrences.

Explanation:

Risk response refers to the development of strategic options to reduce the threats and enhance opportunities to the objectives of the project.

It should be noted that when new risks are identified, such risks go through the process of risk management and one needs to be able to know the risk probability and risk impact and then get to curtail them.