A project team member has just identified a new project risk.
The risk event is determined to have significant impact but a low probability in the project.
Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project.
What should the project manager do with the risk event?
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A. B. C. D.C.
All identified risks, their characteristics, responses, and their status should be added and monitored as part of the risk register.
A risk register is an inventory of risks and exposure associated with those risks.
Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks.
Typically a risk register contains: -> A description of the risk -> The impact should this event actually occur -> The probability of its occurrence -> Risk Score (the multiplication of Probability and Impact) -> A summary of the planned response should the event occur -> A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) -> Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved.
Incorrect Answers: A: Control management charts are not the place where risk events are recorded.
B: This is a risk event and should be recorded in the risk register.
D: Risks that have a low probability and a low impact may go on the low-level risk watch-list.
The appropriate action for the project manager in response to a new risk event depends on the nature of the risk event and its potential impact on the project.
In this case, the risk event has a significant impact but a low probability. If the risk event were to occur, it would cause a three-week delay in the project, which would introduce new risks. Given the potential impact of the risk event, it is important for the project manager to take action to manage the risk.
The best course of action in this situation is to add the identified risk to the project's risk register. The risk register is a tool that is used to document and track risks throughout the project. By adding the risk event to the risk register, the project manager can ensure that it is properly documented and tracked, and that appropriate mitigation strategies are developed and implemented.
Adding the risk event to a quality control management chart (Option A) is not appropriate in this case, as quality control management charts are typically used to track quality-related metrics such as defect rates or customer satisfaction levels, and do not provide a comprehensive view of project risks.
Adding the risk event to the issues log (Option B) may be appropriate if the risk event has already occurred and is causing issues for the project. However, in this case, the risk event has not yet occurred and is only a potential risk, so it is not appropriate to add it to the issues log.
Adding the identified risk to the low-level risk watch-list (Option D) is not appropriate in this case, as the risk event has a significant impact and should be tracked at a higher level of the risk register. The low-level risk watch-list is typically used for risks that have a lower impact on the project.
Therefore, the correct answer is Option C: Add the identified risk to the risk register.