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 within a project, it is common to come across small risks that may not have a significant impact on the project. However, it is important to remember that even small risks can accumulate and lead to major problems if not addressed properly. Therefore, it is essential to have a plan for these risks as well.
Option A, dismissing the risks, is not a viable option, as all risks should be assessed and addressed to some degree, no matter how small they may seem.
Option B, accepting the risks, means that the risks are acknowledged but no action is taken to address them. This is acceptable if the potential impact of the risk is low, and it is more cost-effective to accept the risk than to try to mitigate it.
Option C, adding the risks to a low priority risk watch list, is a reasonable approach for small risks that are not urgent but still require monitoring. This list should be reviewed regularly to ensure that the risks are not growing in significance.
Option D, ensuring that all risks have a valid, documented risk response, is the best answer. It means that even small risks will have a plan for how to address them. This plan can include monitoring the risk, mitigating the risk, or accepting the risk. By documenting the response, it is clear what actions will be taken if the risk does occur, and this helps to minimize the impact on the project.
In summary, option D is the best answer as all risks should have a valid, documented risk response, even small ones, to ensure that they are addressed properly.