You work as a project manager for BlueWell Inc.
Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project.
They would like you to analyze the project risks with a goal of improving the project's performance as a whole.
What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?
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A. B. C. D.B.
As a project manager, when analyzing project risks with the goal of improving the project's performance as a whole, the best approach would be to involve subject matter experts in the risk analysis activities.
Option A is the correct answer because subject matter experts bring valuable knowledge and expertise to the table, which helps to identify risks that may have been overlooked or underestimated. By involving these experts in the risk analysis process, project managers can get a more comprehensive and accurate understanding of the potential risks and their impact on the project.
Option B, focusing on high-priority risks through qualitative risk analysis, can be useful, but it may miss out on some risks that may not have a high probability or impact but can still affect the project.
Option C suggests using qualitative risk analysis to quickly assess the probability and impact of risk events. While qualitative risk analysis can provide a quick assessment of the risks, it is often not as accurate or reliable as quantitative risk analysis.
Option D, involving stakeholders for risk identification only in the phases where the project directly affects them, can limit the scope of the risk analysis and lead to important risks being overlooked. It is important to involve stakeholders throughout the project to get their feedback and ensure that their concerns and needs are addressed.
In summary, involving subject matter experts in the risk analysis activities is the best approach to improving the project's performance through risk analysis with project stakeholders.