You are the project manager for BlueWell Inc.
You have noticed that the risk level in your project increases above the risk tolerance level of your enterprise.
You have applied several risk responses.
Now you have to update the risk register in accordance to risk response process.
All of the following are included in the risk register except for which item?
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A. B. C. D.C.
The risk register does not examine the network diagram and the critical path.
There may be risks associated with the activities on the network diagram, but it does not address the network diagram directly.
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.
In the risk register, risk is stated in order of priority, i.e., those with the highest potential for threat or opportunity first.
Some risks might not require response plans at all, but then too they should be put on a watch list and monitored throughout the project.
Following elements should appear in the risk register: -> List of identified risks, including their descriptions, root causes, and how the risks impact the project objectives -> Risk owners and their responsibility -> Outputs from the Perform Qualitative Analysis process -> Agreed-upon response strategies -> Risk triggers -> Cost and schedule activities needed to implement risk responses -> Contingency plans -> Fallback plans, which are risk response plans that are executed when the initial risk response plan proves to be ineffective -> Contingency reserves -> Residual risk, which is a leftover risk that remains after the risk response strategy has been implemented -> Secondary risks, which are risks that come about as a result of implementing a risk response.
The risk register is a key project management document that is used to identify, assess, and track project risks. It is a living document that should be updated regularly to reflect changes in the project environment and the effectiveness of risk responses.
When a project manager notices that the risk level in their project increases above the risk tolerance level of the enterprise, they need to take appropriate actions to mitigate those risks. These actions are part of the risk response process, which includes identifying and analyzing risks, developing risk response strategies, and monitoring and controlling risks.
The risk register is an essential tool for documenting the risk response process. It should include all identified risks, along with their likelihood and impact ratings, as well as the agreed-upon risk response strategies. These strategies may include avoiding the risk, transferring the risk, mitigating the risk, or accepting the risk.
Answer A, Risk triggers, is typically included in the risk register. Risk triggers are events or conditions that may indicate that a risk is about to occur or has already occurred. They help project managers to be proactive in managing risks by identifying early warning signs that can trigger risk response actions.
Answer B, Agreed-upon response strategies, is also included in the risk register. These are the specific actions that the project team will take to mitigate or avoid risks, and they should be agreed upon by all stakeholders.
Answer C, Network diagram analysis of critical path activities, is not typically included in the risk register. Network diagrams are used in project management to visualize the critical path activities, which are those that must be completed on time to ensure the project stays on track. While network diagrams are an important tool for project planning, they are not directly related to risk management.
Answer D, Risk owners and their responsibility, is another key element of the risk register. Risk owners are the individuals or teams responsible for monitoring and controlling specific risks, and they should be identified in the risk register along with their roles and responsibilities. This helps to ensure that risks are managed effectively and that everyone understands their role in the risk response process.
In summary, the risk register is a crucial tool for managing project risks. It should include all identified risks, agreed-upon risk response strategies, risk triggers, risk owners and their responsibilities, and any other relevant information to help ensure that the project stays on track and within the enterprise's risk tolerance level.