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Q: describe actions to take in relation to identified risks
A: To answer this question one must know what the risks are and for what. Do you have the risks to ascertain what actions can be taken?
Expert answered|PinkMummy|Points 10|
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Asked 5/1/2012 2:04:09 PM
Updated 10/26/2013 2:20:12 AM
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The actions that might take in relation to the identified risk are ;
1. Assign a likelihood and criticality/severity to the identified risk - these can be qualitative if you don't have any quantitative data - it also helps to have put some thought into when the risk might be realized (i.e. becomes and issue).
2. Prepare a Risk Mitigation Plan - steps you propose taking to prevent the risk from either being realized or resolving the issue once it arrives. Make sure you address cost, schedule, and technical approach in the plan.
3. Go to you management and get them to approve the plan.
4. Once approved - implement the plan.
Added 10/26/2013 2:20:12 AM
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