ITPEC IP October 2024 Question 53
ITPEC IP October 2024 — Question 53 of 100
Risks are prioritized using both their likelihood of occurrence and the magnitude of their consequences. A risk with high probability or high impact generally deserves more attention than a low-probability, low-impact risk. The assessment supports proportional responses such as avoidance, mitigation, transfer, acceptance, contingency planning, and ongoing monitoring.
Answer (c)
Why not others:
- (a) risk identification is iterative because new risks can appear as the project changes
- (b) eliminating every risk is usually impossible or economically unjustified; responses depend on priority and tolerance
- (d) responses should be planned before identified risks occur, although contingency actions may be triggered afterward
Key rule: Project risk management repeatedly identifies, assesses, prioritizes, responds to, and monitors uncertainty throughout the project.
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