You are the project manager for a new bridge construction project. There are several environmental and regulatory factors that could impact your project schedule and budget. What is your FIRST step in planning risk management activities to address these potential impacts?
Focus on risks that have occurred in past bridge construction projects to streamline the planning process.
Define the risk management context specific to the project, including environmental and regulatory factors, and stakeholder risk appetite.
Wait and observe if the risks materialize, then develop risk management strategies to address them.
Start identifying potential risks and immediately implement a standard set of risk responses based on past projects.
The first step should be to establish the context for risk management in your project. This includes understanding the project environment, your stakeholders' risk appetite, and determining the risk management processes, tools and techniques to be used, references to risk categories, stakeholder risk tolerances, and the timing of risk management activities within project phases. This sets the groundwork for proactive risk identification and management.
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