You are the project manager of the GHY Project for your company.
You need to complete a project management process that will be on the lookout for new risks, changing risks, and risks that are now outdated.
Which project management process is responsible for these actions?
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A. B. C. D.B.
The risk monitoring and controlling is responsible for identifying new risks, determining the status of risks that may have changed, and determining which risks may be outdated in the project.
Incorrect Answers: A: Risk planning creates the risk management plan and determines how risks will be identified, analyzed, monitored and controlled, and responded to.
C: Risk identification is a process that identifies risk events in the project.
D: Risk analysis helps determine the severity of the risk events, the risks' priority, and the probability and impact of risks.
The project management process responsible for identifying new, changing, and outdated risks is the Risk Monitoring and Controlling process. This process involves tracking, reviewing, and updating the risk management plan throughout the project life cycle.
Risk Monitoring and Controlling is an ongoing process that takes place throughout the project. It involves continuous monitoring of the project environment, including any changes that may impact the project's risk profile. The process also involves reviewing the effectiveness of the risk management plan and taking corrective actions as needed.
The process involves several activities such as tracking identified risks and risk response plans, monitoring trigger conditions, reviewing risk metrics and thresholds, and evaluating risk management performance. Additionally, this process is responsible for communicating risk-related information to stakeholders as well as maintaining risk documentation up to date.
Risk Monitoring and Controlling is critical to ensure the project's success, as it helps project managers to identify and mitigate risks in a timely manner. By continuously monitoring and updating the risk management plan, project managers can be proactive in managing project risks and reducing the likelihood of negative impacts on the project's objectives.
In contrast, Risk Planning involves determining how to approach and conduct risk management activities, including the creation of the risk management plan, defining roles and responsibilities, and identifying the methodology and tools that will be used. Risk Identification involves identifying potential risks that may affect the project objectives. Risk Analysis involves evaluating and prioritizing the identified risks based on their likelihood and potential impact on the project.