Reason for Duplicate Risk Identification Sessions
Question
You are the project manager of a large construction project.
This project will last for 18 months and will cost $750,000 to complete.
You are working with your project team, experts, and stakeholders to identify risks within the project before the project work begins.
Management wants to know why you have scheduled so many risk identification meetings throughout the project rather than just initially during the project planning.
What is the best reason for the duplicate risk identification sessions?
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D.C.
Risk identification is an iterative process because new risks may evolve or become known as the project progresses through its life cycle.
Incorrect Answers: A: Stakeholders are encouraged to participate in the risk identification process, but this is not the best choice.
B: Risk identification focuses on discovering new risk events, not the events which did not happen.
D: The primary reason for iterations of risk identification is to identify new risk events.
Sure, I can provide you with a detailed explanation of the best reason for scheduling duplicate risk identification meetings throughout a project rather than just initially during the project planning phase.
The best reason for scheduling duplicate risk identification meetings throughout a project is option C: The iterative meetings allow the project manager and the risk identification participants to identify newly discovered risk events throughout the project.
There are several reasons why scheduling multiple risk identification sessions throughout the project is important:
Changes in Project Environment: A construction project can have a lot of variables, such as weather, market trends, resource availability, or new stakeholders joining. As such, the risk environment is not static and can change over time. By having multiple risk identification meetings throughout the project, the team can identify new risks that may have emerged as a result of changes to the project environment.
Emergent Risks: Sometimes risks may emerge during the project that were not anticipated during the initial planning phase. These risks may be due to a change in the scope of work, new technology being used, or other unforeseen circumstances. Holding multiple risk identification meetings throughout the project helps to identify these emergent risks and to take action to mitigate them.
Better Risk Assessment: As the project progresses, the team may gain a better understanding of the risks that were identified during the initial planning phase. Holding multiple risk identification meetings provides the opportunity to reassess the risks that were identified earlier and to refine the risk assessment process.
Engaging Stakeholders: Engaging stakeholders throughout the project is critical to the success of the project. By having multiple risk identification meetings, stakeholders can be included in the risk identification process and can provide their input on potential risks.
Risk Management: Risk management is an ongoing process throughout the project lifecycle. By holding multiple risk identification meetings, the project team can continually assess and manage risks to ensure the project stays on track.
In conclusion, the best reason for scheduling duplicate risk identification meetings throughout a project is to identify newly discovered risks throughout the project, to reassess the risks that were identified earlier, to engage stakeholders in the process, to better assess risks, and to manage risks throughout the project lifecycle.
