You are the project manager for a new bridge construction project. There are several environmental and regulatory factors that could impact your project schedule and budget. What is your FIRST step in planning risk management activities to address these potential impacts?
Focus on risks that have occurred in past bridge construction projects to streamline the planning process.
Wait and observe if the risks materialize, then develop risk management strategies to address them.
Start identifying potential risks and immediately implement a standard set of risk responses based on past projects.
Define the risk management context specific to the project, including environmental and regulatory factors, and stakeholder risk appetite.