Answer: Please refer to Explanation
Explanation:
IDENTIFYING RISKS - Determine which risks should be considered for resolving.
This is where you find out what risks could face a project.
EVALUATING RISKS - Take into consideration internal and external factors.
Quite a number of things go into the Risk Evaluation process but definitely considering the Internal and External Environment is integral to finding out important details like source and impact of risk.
PRIORITIZING RISKS - Determine the likelihood that risks will affect the project.
Every project has risks but some risks are more probable than others. The more probable ones should therefore be prioritized based on the likelihood that they might happen.
MITIGATING RISKS - Relate to contingency plans in case a risk occurs in a project.
Plans need to be made to ensure that should the risk eventually come to fruition, these plans can be initiated to mitigate the impact.
