You are using a hybrid approach to manage a project which involves installing a new human resources system and deliver its outcomes. You’ve identified the risks associated with this project and ready for the next step. What is the next step?

Risk analysis is the process of assessing the identified risks to determine their potential impact on the project objectives and likelihood of occurrence. It helps in prioritizing risks and developing appropriate risk response strategies. In the given scenario, the next step would be to evaluate the identified risks associated with installing the new human resources system. This evaluation can be done through qualitative risk analysis, quantitative risk analysis, or a combination of both, depending on the available data, project complexity, and resources. The goal is to assign probabilities and impacts to each risk, enabling the project team to prioritize and develop appropriate risk response strategies to minimize their potential impact on the project's outcomes.