As a competent project risk manager with "adequate planning data or effective procedures",

provide clear and instructed advice on how to "properly identify risks and uncertainties, quantify
and analyses them, communicate them to decision makers or take the consequences into their
project management",
Undeniably, a significant instructed and clear advice that a competent risk project manager can
advise the project team members, on proper and better identification of risks and uncertainties
within a project is that they should explicitly engage in a risk management process. Certainly,
during the process, the manager can essentially guide the team members, to strategically
engage in risk identification that can effectively be done through the use of checklists that reveal
the potential risks for the project under consideration. Basically, checklist are enormously used in
identification of particular risks and subsequently provide critical thinking among the project team
members for better risk management process. Additionally, the risk project manager can vividly
instruct the team members, to come up with risk breakdown structure that satisfactorily deliver a
detailed information of risks since the identification is consistently done through categorization of
the potential risks.
Patently, a skillful project risk manager can properly provide a clear and instructed advice on the
best way of quantifying and analyzing project risks and uncertainties by instructing the project
team members to engage in strategic risks and uncertainties evaluation process. Definitely, the
process adequately involves evaluation of the risks and uncertainties tolerably based on
probability of risks and uncertainties occurrence and particular potential loss to the project in
case the risks and uncertainties happen during the life of the project. Absolutely, the evaluation
process is usually the second step of risk management process after the initial step of risks and
uncertainties identification.
Apparently, as a way of taking the consequences of risks and uncertainties into the project
management, a proficient project risk manager can passably advice the team members to
considerably engage in mitigation process that obviously involve reduction of the impact of the
unanticipated plans. Undoubtedly, the manager can guide the project team members to engage
in mitigation strategic measures such as sharing, avoidance, reduction and ultimately transfer of
the risks and uncertainties.

"Despite theory that holds risk and opportunities to be equally important, empirical studies show a
stronger focus on mitigating risks than exploiting opportunities". Using appropriate examples,
clearly illustrate how a project manager and his/her team will ensure that in their risk response
planning, provision is made for both mitigating risks and exploiting opportunities.
Undeniably, a project manager and the project team members can adequately ensure that within
their risks response planning process, the provision made are both for exploiting opportunities as
well as mitigating risks by ensuring they develop alternative plans during the risk avoidance
process, that vividly establish high probability of a project success and associates low costs
required for project accomplishment . Definitely, one significant way of mitigating risk is by
engaging in risk avoidance, accordingly, if the process associates low costs for accomplishment
of the project under consideration, then not only would the process have mitigated the risks
available but also would have exploited an opportunity for the project. For instance, project
manager and the project team members can creatively come into a conclusion of selecting
specific vendor with an immense proven record of establishing the success of a project while
also providing incentives that passably lower the project overall cost budget.
Indubitably, another significant way of mitigating risks that also provide a room for exploiting
opportunities linked with a specific project certainly include, sharing of risks in a way that also it
enhances the performance of the project. Apparently, the process involves partnering with other
companies with an aim of sharing risk activities accountabilities. Absolutely, one of the strategic
ways of mitigating risks include sharing of risks, consequently, due to the fact that the sharing of
the risks involved also boost the performance of a project, then the strategic measure involved
of mitigating risks will also be exploiting an opportunity for the project. For example, project
manager and his or her team members can effectively partner with a company composed with
experience and expertise in sharing the risks involved within the life of a particular project they
are involved with.