Scenario - A photographer from Portraits Ltd, a professional photographic company, has taken on the role of Team Manager after taking some time to understand the requirements of the project.
A contract for their services has been set up and is being monitored by the Purchasing Manager and a Work Package has been agreed.
This contract specifies that the photographer must arrange a meeting with the Engineering Manager to establish a schedule for the photo sessions to minimize the impact on the Engineering staff.
This meeting should have occurred by now.
The Engineering Manager was made aware of this requirement but when asked he reported that he has received no communication from the photographer.
The Project Manager has tried to call the photographer and has had no response.
The Project Manager believes there is a risk that Portraits Ltd are overbooking work and prioritizing other clients' work.
If Portraits ltd do not deliver on schedule the project will be delayed and the expected benefits will be reduced.
The contract is to be reviewed and Portraits Ltd reminded of their agreement.
The project is now in stage 2
The Project Manager has heard about the possibility of a competitor also producing a calendar to be delivered earlier than the target date for this project.
There is a threat that the early release of a competitor's calendar may weaken the impact of the MNO Manufacturing Company calendar, thereby reducing the anticipated benefits of the Calendar project.
Which 2 statements should be recorded under the Timing of risk management activities heading?
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A. B. C. D. E.BE.
The two statements that should be recorded under the Timing of risk management activities heading are:
D. Any new risks identified during product development should be reported to the Project Manager by the Team Manager when delivering the completed Work Package.
E. When authorizing a stage, the Project Board will check that the exposure to risk is still acceptable.
Explanation:
A risk is an uncertain event or condition that, if it occurs, can have a positive or negative impact on the project objectives. Risk management is a key component of project management, and it involves identifying, assessing, prioritizing, and responding to risks throughout the project life cycle.
In the given scenario, the project is in stage 2, which means that the project is in the product development phase. Therefore, it is essential to identify and report any new risks that may arise during this phase to the Project Manager. Statement D emphasizes this point and states that any new risks identified during product development should be reported to the Project Manager by the Team Manager when delivering the completed Work Package.
Additionally, it is crucial to check the exposure to risk at each stage of the project to ensure that it is still acceptable. Statement E highlights this point and states that when authorizing a stage, the Project Board will check that the exposure to risk is still acceptable. This helps to ensure that the project stays on track and that any potential risks are identified and addressed early on.
Statements A and B are not relevant to the timing of risk management activities in the given scenario. Statement C is related to closing the project and updating follow-on action recommendations, but it does not specifically address the timing of risk management activities.