You are the project manager of GHT project.
You and your team have developed risk responses for those risks with the highest threat to or best opportunity for the project objectives.
What are the immediate steps you should follow, after planning for risk response process? Each correct answer represents a complete solution.
Choose three.
Click on the arrows to vote for the correct answer
A. B. C. D.ACD.
The risk register is updated at the end of the plan risk response process with the information that was discovered during the process.
The response plans are recorded in the risk register.
Project management plan consisting of WBS, schedule baseline and cost performance baseline should be updated.
After planning risk response process, there may be requirement of updating project documents like technical documentation and assumptions, documented in the project scope statement.
If risk response strategies include responses such as transference or sharing, it may be necessary to purchase services or items from third parties.
Contracts for those services can be prepared and discussed with the appropriate parties.
Incorrect Answers: B: Controls are implemented in the latter stage of risk response process.
It is not immediate task after the planning of risk response process, as updating of several documents is done first.
The purpose of the Plan Risk Responses process is to develop risk responses for those risks with the highest threat to or best opportunity for the project objectives.
The Plan Risk Responses process has four outputs: -> Risk register updates -> Risk-related contract decisions -> Project management plan updates -> Project document updates.
As a project manager, it is important to take appropriate actions to address the identified risks in a timely manner. After planning for risk response process, the immediate steps to follow include:
A. Updating Project Management Plan and Project Documents: This step involves updating the project management plan and other project documents to reflect the changes made in response to the identified risks. This is necessary to ensure that all team members are aware of the changes and are working towards achieving the new project objectives. For example, if a risk response strategy involves changing the project schedule, the project management plan needs to be updated accordingly.
C. Updating Risk Register: This step involves updating the risk register with the details of the risk response strategy that has been implemented. This is important to keep track of the risks that have been addressed and the ones that are yet to be addressed. The risk register should be updated with the status of each risk, the actions taken, and the effectiveness of the risk response strategy.
B. Applying Controls: This step involves implementing the risk response strategy that has been planned. The risk response strategy should include appropriate controls to mitigate the risks or take advantage of the opportunities. For example, if the risk is related to data security, appropriate controls such as encryption or access controls should be implemented.
D. Prepare Risk-related Contracts: This step involves preparing contracts with vendors or suppliers to address the risks associated with outsourcing or procurement. For example, if a vendor is responsible for delivering a critical component of the project, a contract should be prepared that includes penalties for non-delivery or delays.
Out of the given options, the three immediate steps that should be followed after planning for risk response process are A, B, and C. Updating project management plan and project documents, applying controls, and updating risk register are essential steps to ensure the effectiveness of the risk response process. Option D, prepare risk-related contracts, may be necessary in some cases but is not an immediate step that needs to be taken after planning for risk response process.