After identifying risks and completing assessment/prioritization, the next step in the risk process is to plan risk responses. This means selecting appropriate strategies (avoid, mitigate, transfer, accept for threats; exploit, enhance, share, accept for opportunities), defining specific actions, assigning owners, and integrating those actions into the project plans. Assigning risk response owners (A) ensures accountability and makes responses executable rather than theoretical. Monitoring and controlling risks (B) is ongoing, but it occurs after responses are planned and as the project work proceeds. “Execute the risk management plan” (C) is too generic; planning responses is the concrete next process output after prioritization. Spending contingency (D) is incorrect as a next step; contingency is used when planned responses or risk triggers require it—not automatically for all identified risks. By planning responses and naming owners now, the project manager converts risk analysis into practical actions, improving predictability and reducing the likelihood that risks become schedule or cost issues later.

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