Communicating Risk Analysis Results, Reporting Risk Management Activities, Interpreting Independent Risk Assessment Findings, Identifying Business Opportunities
Question
You are the project manager of HGT project.
You are in the first phase of the risk response process and are doing following tasks : Communicating risk analysis results Reporting risk management activities and the state of compliance Interpreting independent risk assessment findings Identifying business opportunities Which of the following process are you performing?
Answers
Explanations
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A. B. C. D.A.
Articulating risk is the first phase in the risk response process to ensure that information on the true state of exposures and opportunities are made available in a timely manner and to the right people for appropriate response.
Following are the tasks that are involved in articulating risk: -> Communicate risk analysis results.
-> Report risk management activities and the state of compliance.
-> Interpret independent risk assessment findings.
-> Identify business opportunities.
Incorrect Answers: B: Risk mitigation attempts to reduce the probability of a risk event and its impacts to an acceptable level.
Risk mitigation can utilize various forms of control carefully integrated together.
This comes under risk response process and is latter stage after articulating risk.
C: Tracking risk is the process of tracking the ongoing status of risk mitigation processes.
This tracking ensures that the risk response strategy remains active and that proposed controls are implemented according to schedule.
D: This is not related to risk response process.
It is a type of risk.
Reporting risks are the risks that are caused due to wrong reporting which leads to bad decision.
Based on the tasks described, the process being performed by the project manager is D. Reporting risk. Let's break down the reasons why the other options are not correct.
A. Articulating risk: This process involves identifying, analyzing, and documenting potential risks to the project. While the project manager may have completed some of these tasks in the first phase of the risk response process, the tasks described in the question are focused on communicating and reporting the results of the risk analysis rather than identifying and articulating the risks.
B. Mitigating risk: This process involves taking action to reduce the likelihood or impact of identified risks. The first phase of the risk response process is focused on analyzing and assessing risks, rather than implementing risk mitigation strategies.
C. Tracking risk: This process involves monitoring and tracking identified risks to ensure that mitigation strategies are effective and to identify any new risks that may arise. While tracking risks is an important part of the overall risk management process, the tasks described in the question are focused on reporting and interpreting risk analysis findings, rather than tracking risks.
D. Reporting risk: As mentioned earlier, the tasks described in the question are focused on communicating risk analysis results, reporting risk management activities and compliance, interpreting independent risk assessment findings, and identifying business opportunities. These tasks are all part of the reporting process, which is an important aspect of the overall risk management process. Reporting allows stakeholders to understand the current state of risks and risk management activities, which helps them make informed decisions about the project.
In summary, the process being performed by the project manager in this scenario is D. Reporting risk.
