What does the term 'risk response' refer to in the context of risk management?

The term 'risk response' refers specifically to the actions that are planned and implemented to address identified risks before they have the opportunity to occur. This involves developing strategies to mitigate these risks or adjust the project plan to accommodate potential impacts associated with them. This could include avoidances, transfers, mitigations, or acceptances of risks, essentially focusing on proactive measures to enhance the likelihood of achieving project objectives while minimizing adverse effects.

In this context, the other choices do not precisely capture the essence of 'risk response.' For instance, the actions taken after a risk has occurred pertain more to responses in a reactive sense rather than the proactive measures intended in risk management. Documentation of past risks is vital for learning and future risk assessment but does not encompass active risk management strategies. Lastly, communicating risks to stakeholders is crucial for transparency and engagement but is also distinct from the actual strategic actions aimed at managing risks directly. Therefore, the choice of preventive measures for identified risks encompasses the core idea of anticipating and preparing for risks, aligning perfectly with the definition of risk response.