Risk management is a systematic process, and the correct order of the steps is:

Risk management is a systematic process where its objectives are to identify, to assess, and to control risks. These risks arise from operational factors and making decisions that maintains the balance between risk costs with the mission benefits. The correct steps are the following: First, the risk must be identified. This means that the team must first uncover, recognize and describe the risks that might possibly affect the project or its outcomes. Second, the risk will then be analyzed.  It is in this step that the team must consider the consequences of each risk according to the nature of the risk.  The potential to affect project goals will also be identified. Third, evaluation and ranking of risks will take place. The magnitude of the risks will be part in the decision-making whether they are acceptable or whether they are serious enough to warrant treatment. Fourth, the risk must be treated. This is also known as the Risk Response Planning.  The highest ranked risks must be identified and plans must be made to treat or modify these so that the desirable risk levels will be attained.  Lastly, the risks shall then be monitored and reviewed.  In this way, all the uncertainties, unpleasant surprises and barriers will be fully monitored and if the team is determined, golden opportunities will instead be achieved. 

Step 1. Identify hazards. (recognizing which things that could potentially caused problem for our business)

Step 2. Assess hazards to determine risks. (Evaluating which hazards that should be dealt before it endanger the company)

Step 3. Develop controls and make risk decisions (craeting some solutions to deal with that hazard).

Step 4. Implement controls. (make sure that the solution is being enacted)

Step 5. Supervise and evaluate (collect data to see whether the solution is working or not)

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answer/// real gdp decreases to y3 and the price level falls to p3;