The three steps in risk management are

Question

Quizplus · Accepted Answer

The three steps in risk management are identification, evaluation, and response. In the identification step, potential risks are recognized and listed. In the evaluation step, the likelihood and impact of each risk are analyzed. Finally, in the response step, a plan is created to mitigate or manage the risk. Option A, realization, response, and reaction, doesn't include the identification step. Option B, recognition, evaluation, and insurance, only focuses on one possible response (insurance) and doesn't cover all potential responses. Option D, evaluation, qualification, and litigation, doesn't include the identification or response steps. Option E, assessment, formulation, and implementation, doesn't explicitly mention evaluation or response.

The Three Steps in Risk Management Are