Final answer:
When identifying risk, a team should initially focus on the consequences of a chance event (option c), as considering potential outcomes aids in forming effective mitigation strategies.
Step-by-step explanation:
When initially identifying risk, a team should focus on the consequences of a chance event, which corresponds to option c. event consequences of a chance event. This approach highlights potential negative outcomes and allows for the development of robust contingency plans. Referring to the provided reference, Figure 20.1 depicts the concept of asymmetric risk, illustrating two plans of action in response to a potential threat.
Plan A represents the natural response if the threat is not considered real, while Plan B is more conservative, aiming to mitigate the threat. The figure underlines the importance of weighing outcomes when facing uncertainty. The downside of dismissing a real threat can be catastrophic, suggesting that focusing on consequences—worst-case scenarios—and how to mitigate them is often the most prudent approach to risk management. This strategic planning echoes the preference for being conservative rather than relying on luck when identifying risks and choosing appropriate responses.