Explain two stages in the risk management process

Question 1

Explain two stages in the risk management process

Answer 1

• Initiate

- Closure

Question 2

Initiate stage - first stage in the risk management process

Answer 2

Initiate is the first stage in the risk management process, this is the planning stage of the risk management process.

Question 3

Initiate stage - understanding of how risk management will be applied

Answer 3

The purpose of this stage is to ensure that there is a common understanding of the project and how the risk management process is to be applied.

This stage makes sure that the level of process to be used fits the specific requirements of the project.

Question 4

Initiate stage - risk management plan

Answer 4

A key output from the Initiate stage is the risk management plan, which details how risk will be managed throughout the project lifecycle – the risk management plan is part of the overall project plan.

Question 5

Closure stage - final risk management stage

Answer 5

This is the final stage in the risk management process which ensures that all risks are closed when they have occurred, been accepted or that there is no longer a possibility of the risk occurring.

Question 6

Closure stage - document useful information

Answer 6

At this stage, it is useful to document information about the risk being closed for example any updated risk information, closure rationale, and lessons learned – for future reference.

Question 7

Closure stage - communicate open risks

Answer 7

Any open risks must be communicated to those involved in the adoption phase