Select three risks in which you identified risks for a project. For each ris, determine an appropriate risk response strategy and discuss the reason you selected this risk strategy. Use PMBOK Guide Section 11.5 Plan Risk Responses as a reference point.

Economic Risks:

1. Unexpected increase in taxes or other expenses.
2. Unpredictable fluctuations in currency exchange rates.
3. Decrease in demand for event planning services due to economic downturn.
4. Decrease in taxes and prices on materials and types of equipment.

Operational Risks:

1. Need for adequate staffing or training.
2. Delays in the delivery of supplies.
3. Inadequate insurance coverage.
4. Equipment failure.
5. Inability to secure desired venues or locations.
6. Changes in customer requirements.
7. Opportunities for creativity.

Environmental Risks:

1. Inclement weather affects events.
2. Natural disasters that affect events and force a reschedule of the event.
3. Local regulations and laws that impact events.
4. Safety concerns for event attendees and staff.
5. Opportunities to travel abroad or to different states, where the weather is good, to set up for various events.

Legal and regulatory Risk:

1. Non-compliance with local regulations and laws.
2. Intellectual property infringement.
3. Contract disputes with clients and vendors.
4. Positive associations with clients and vendors.
5. Consistency with all legitimate and administrative prerequisites.