Final answer:
The answer to the question is c. Assessing each risk. Assessing each risk involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective. This step is crucial in risk management as it helps prioritize risks and allocate resources accordingly.
Step-by-step explanation:
The answer to the question is c. Assessing each risk. Assessing each risk involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective. This step is crucial in risk management as it helps prioritize risks and allocate resources accordingly.
Prioritizing risks can be done through a technique called risk assessment, which involves evaluating the probability and potential impact of each risk. This allows project managers to focus on the highest-priority risks and develop appropriate strategies to mitigate them.
For example, project managers can use a risk matrix to assess each risk based on its probability and impact. The risks with a high probability and high impact would be given higher priority and addressed with a more comprehensive risk response plan.