A key distinction between a risk response and a contingency plan is

Group of answer choices

a risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails.

a risk response is established only for moderate risks while contingency plans are established for major risks.

a risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning.

a risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired.

a risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan.