Answer: D - The five steps are Identify, Assess, Plan, Implement, and Communicate. First the context and risks need to be identified, then an evaluation of the risks (for which there are several methods available), followed by a plan, and finally the implementation of that plan. Communication should be ongoing throughout the whole risk management procedure.
Key takeaway: Advanced Project Managers realize that how many ranks their risks is almost important as identifying them in the first place. If a Project Manager doesn't have a method to tackle the risks with the highest risk level first, then the assessment phase is a failure. One must carry the process through all phases to realize the benefits of effective risk management.
