During a project ' s initial planning session, the project team identifies a possible risk.

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During a project ' s initial planning session, the project team identifies a possible risk. The team is under the impression that a critical vendor might delay delivery. This could impact both the project schedule and budget. The team shares insights on the risk ' s likelihood and impact with the risk manager.

What should the risk manager do?

Assume the vendor will deliver on time and focus only on internal risks.

Allocate contingency funds without first evaluating the risk ' s probability and impact.

Wait indefinitely for the vendor ' s update before analyzing the risk.

Assess the risk using a probability-impact matrix and prioritize it based on its score.

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During a project ' s initial planning session, the project team identifies a possible risk.

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