You are completing the qualitative risk analysis process with your project team and are relying on the risk management plan to help you determine the budget, schedule for risk management, and risk categories.
You discover that the risk categories have not been created.
When the risk categories should have been created?
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A. B. C. D.C.
The plan risk management process is when risk categories were to be defined.
If they were not defined, as in this scenario, it is acceptable to define the categories as part of the qualitative risk analysis process.
Plan risk management is the process of defining the way to conduct the risk management activities.
Planning is essential for providing sufficient resources and time for risk management activities, and to establish an agreed-upon basis of evaluating risks.
This process should start as soon as project is conceived and should be completed early during project planning.
Incorrect Answers: A: Risk categories are not defined through the define scope process.
B: Risk categories are not defined through the risk identification process.
D: Risk categories are not defined through the create work breakdown structure process.
The correct answer is B. Risk identification process.
The risk identification process is the first step in the risk management process, where risks are identified and documented. This process is critical to the success of the risk management plan, as it helps to ensure that all potential risks are identified and analyzed.
During the risk identification process, the project team identifies the potential risks that could affect the project. The team considers internal and external factors that could impact the project, such as project goals and objectives, project stakeholders, project constraints, and other factors that could impact the project's success.
Once all potential risks have been identified, the team creates a risk register, which documents each risk, its likelihood and impact, and any other relevant information. The risk register is a key tool for managing risk throughout the project lifecycle.
The risk categories are typically created during the risk identification process. Risk categories are groups of risks that share similar characteristics, such as project scope risks, schedule risks, and cost risks. The risk categories help the project team to organize and prioritize risks, and to develop appropriate risk management strategies.
In summary, the risk identification process is the appropriate process for creating risk categories, as it is the first step in the risk management process and helps to ensure that all potential risks are identified and documented.