When managing project risks, what is the first step a project manager should take?

The first step a project manager should take when managing project risks is to identify potential risks. This step is critical because it lays the foundation for all subsequent risk management activities. By effectively identifying risks, the project manager can gain a comprehensive understanding of what could go wrong throughout the project lifecycle. This involves analyzing the project environment, understanding the nature of the project and its complexity, and utilizing tools such as brainstorming sessions, checklists, historical data, and expert judgment to uncover possible risks.

Once risks have been identified, the project manager can then proceed to assess and analyze these risks, develop strategies for mitigation, and create a risk management plan. Without first knowing what risks exist, it's impossible to communicate effectively with stakeholders about them, develop appropriate planning, or monitor risks throughout the project. Identifying risks is therefore an essential precursor to successful risk management and is vital for ensuring that the project remains on track and achieves its objectives.