Implementing Risk Response Plans
Question
You are the project manager of the GHY project for your company.
This project has a budget of $543,000 and is expected to last 18 months.
In this project, you have identified several risk events and created risk response plans.
In what project management process group will you implement risk response plans?
Answers
Explanations
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A. B. C. D.A.
The monitor and control project risk process resides in the monitoring and controlling project management process group.
This process is responsible for implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness through the project.
Incorrect Answers: B: Risk response plans are implemented as part of the monitoring and controlling process group.
C: Risk response plans are not implemented as part of project planning.
D: Risk response plans are not implemented as part of project execution.
The process of identifying, assessing, and addressing risks is a crucial aspect of project management. It helps ensure that a project stays on track and achieves its objectives. One important component of risk management is creating risk response plans that outline specific actions to be taken if a risk event occurs.
In this scenario, the project manager has already identified several risk events and created risk response plans. The question is in which project management process group will the risk response plans be implemented.
The four project management process groups are:
- Initiating: The process of defining a new project or a new phase of an existing project.
- Planning: The process of developing a plan that outlines the objectives, scope, and course of action to be taken to achieve the objectives.
- Executing: The process of performing the work that is necessary to complete the project objectives.
- Monitoring and Controlling: The process of tracking, reviewing, and regulating the progress and performance of a project to ensure that it stays on track and achieves its objectives.
The risk response plans developed in this scenario will be implemented in the planning process group. This is because the planning process group is where project plans are developed and refined, and risk response plans are a key component of project plans.
It is important to note that while the risk response plans are developed in the planning process group, they will also be implemented in other process groups, depending on when the risk event occurs. For example, if a risk event occurs during the executing process group, the relevant risk response plan will be implemented during that phase.
In conclusion, the correct answer to the question is C - Planning. While risk response plans may also be implemented in other process groups, they are initially developed in the planning process group as part of the overall project plan.
