The process that allows project managers to balance operational and economic costs of protective measures to achieve project success best defines
A)risk identification.
B)risk assessment.
C)risk avoidance.
D)risk management.

Question

Quizplus · Accepted Answer

Risk management is the process of identifying, assessing, and prioritizing risks, followed by implementing strategies to minimize or mitigate them. In this case, the project managers are balancing the operational and economic costs of protective measures, which is one of the key steps in risk management. Risk identification and risk assessment are important components of risk management, but they do not specifically address the balancing of costs and project success. Risk avoidance is a strategy to eliminate a risk altogether, which may not be feasible in all cases.

The Process That Allows Project Managers to Balance Operational and Economic