Who is correct in this scenario?
Question
Sammy is the project manager for her organization.
She would like to rate each risk based on its probability and affect on time, cost, and scope.
Harry, a project team member, has never done this before and thinks Sammy is wrong to attempt this approach.
Harry says that an accumulative risk score should be created, not three separate risk scores.
Who is correct in this scenario?
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D.B.
Sammy She certainly can create an assessment for a risk event for time cost, and scope.
It is probable that a risk event may have an effect on just one or more objectives so an assessment of the objective is acceptable.
Incorrect Answers: A: Just because Sammy is the project manager, it is not necessary that she is right.
C: Harry is incorrect as there are multiple approaches to risk assessment for a project D: Harry's reasoning is flawed as each objective can be reviewed for the risk's impact rather than the total project.
The correct answer is B: Sammy is correct, because organizations can create risk scores for each objective of the project.
Explanation:
Risk assessment is a critical process in project management that involves identifying, analyzing, and evaluating potential risks to a project's objectives. One popular method for assessing risks is the use of a risk probability and impact matrix, which involves rating each risk based on its probability and impact on the project's objectives.
In this scenario, Sammy is attempting to rate each risk based on its probability and impact on time, cost, and scope. This approach is a valid method for assessing risks, as it allows the project team to understand the potential impact of a risk on each of the project's objectives separately.
On the other hand, Harry believes that an accumulative risk score should be created, not three separate risk scores. While an accumulative risk score can be a useful tool, it may not provide the level of detail needed to fully understand the potential impact of a risk on each objective of the project. Therefore, Harry's approach may not be the most effective method for assessing risks in this scenario.
Overall, Sammy is correct in her approach because organizations can create risk scores for each objective of the project. By rating each risk based on its probability and impact on time, cost, and scope, the project team can make informed decisions about how to address each risk and minimize its potential impact on the project's objectives.
