The process of deciding how to approach,plan and execute risk management activities for a project is known as Project Risk Absorption Methodology (PRAM).

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The statement is incorrect. The process of deciding how to approach, plan, and execute risk management activities for a project is known as the Project Risk Management Plan (PRMP). PRAM refers to a specific method for analyzing and prioritizing risks within a project.

The Process of Deciding How to Approach,plan and Execute Risk