An enterprise is evaluating a possible strategic initiative for which IT would be the main driver. There are several risk scenarios associated with the initiative that have been identified. Which of…

Defining a risk mitigation strategy comes after assessing the risk, as you need to understand the risk's impact and likelihood before planning how to mitigate it.

Assessing the impact of each risk is the first step because it quantifies or qualifies the potential negative consequences if a risk materializes, which is critical for understanding the severity of each scenario. Before deciding on mitigation or even proceeding, the organization needs to understand 'what if' and 'how bad' each identified risk could be. This assessment facilitates informed decision-making by providing clarity on potential exposures.

Establishing a baseline for each initiative is important for project tracking and performance measurement, but it doesn't directly address the risk scenarios identified to facilitate the initial strategic decision.

Selecting qualified personnel is a project management step that occurs once the decision to proceed with the initiative is made, not a preliminary step for risk evaluation to facilitate the initial decision.