During the execution phase of a project, the project manager has identified a new risk that threatens to delay the project deliverables. What should be the project manager's next step after identifying and documenting the risk?
Wait until the risk becomes an issue before formulating a response.
Communicate the risk to all stakeholders to keep them informed.
Assess the impact and likelihood of the risk to prioritize it appropriately.
Develop mitigation strategies to address the identified risk.
After identifying and documenting a risk, the next step the project manager should take is to assess the risk's impact and likelihood to determine its priority. This allows the team to focus on high-priority risks that may have significant consequences on the project's objectives. Although mitigation strategies and stakeholder communication are important, they follow after the risk has been evaluated and prioritized. Furthermore, waiting for a risk to become an issue is not a proactive risk management approach.
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