You and your project team are identifying the risks that may exist within your project.
Some of the risks are small risks that won't affect your project much if they happen.
What should you do with these identified risk events?
Click on the arrows to vote for the correct answer
A. B. C. D.C.
Low-impact, low-probability risks can be added to the low priority risk watch list.
Incorrect Answers: A: These risks are not dismissed; they are still documented on the low priority risk watch list.
B: While these risks may be accepted, they should be documented on the low priority risk watch list.
This list will be periodically reviewed and the status of the risks may change.
D: Not every risk demands a risk response, so this choice is incorrect.
When identifying risks in a project, it is common to find some risks that may not have a significant impact on the project if they occur. However, these risks should not be dismissed or ignored.
The correct answer is D. All risks must have a valid, documented risk response. This means that even small risks that do not have a significant impact on the project should have a documented response plan, stating what actions will be taken if the risk occurs.
Ignoring or dismissing risks, even small ones, can have consequences that may impact the project in unexpected ways. Small risks can accumulate and eventually lead to larger risks or issues, which could have been prevented if the initial risks were addressed.
Accepting risks is another possible response, but this should only be done after careful consideration and analysis of the risk's potential impact on the project. The decision to accept a risk should also be documented and reviewed periodically.
Adding small risks to a low priority risk watch list (option C) can also be an appropriate response, as long as the list is regularly reviewed and updated. However, it is still important to have a documented response plan for each risk on the list.
In summary, all identified risks, regardless of their size and impact on the project, should have a documented risk response plan. Dismissing or ignoring risks can lead to unforeseen consequences, and accepting risks should only be done after careful analysis and consideration.