Documenting Risks Associated with New Technology
Question
Adrian is a project manager for a new project using a technology that has recently been released and there's relatively little information about the technology.
Initial testing of the technology makes the use of it look promising, but there's still uncertainty as to the longevity and reliability of the technology.
Adrian wants to consider the technology factors a risk for her project.
Where should she document the risks associated with this technology so she can track the risk status and responses?
Answers
Explanations
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A. B. C. D.D.
A risk register is an inventory of risks and exposure associated with those risks.
Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks.
Typically a risk register contains: -> A description of the risk -> The impact should this event actually occur The probability of its occurrence.
-> Risk Score (the multiplication of Probability and Impact) -> A summary of the planned response should the event occur -> A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) -> Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved.
-> It records the initial risks, the potential responses, and tracks the status of each identified risk in the project.
Incorrect Answers: A: The project scope statement does document initially defined risks but it is not a place that will record risks responses and status of risks.
B: The project charter does not define risks.
C: The risk low-level watch list is for identified risks that have low impact and low probability in the project.
The correct answer is D. Risk register.
A risk register is a tool used to document and track identified risks throughout the project lifecycle. It is a repository of all risks, both positive and negative, that could impact the project objectives. By documenting the risks in the risk register, Adrian can track the status of each risk and develop appropriate responses to mitigate or exploit them.
In this scenario, Adrian wants to consider the technology factors as a risk for the project. Since there is uncertainty regarding the longevity and reliability of the technology, it is important to document these risks in the risk register so that they can be monitored and managed effectively. Additionally, documenting these risks in the risk register will help Adrian to identify potential impacts on project objectives such as schedule, cost, and quality.
The project scope statement and project charter are high-level documents that provide an overview of the project objectives, deliverables, and stakeholders. While they may contain some information about project risks, they are not designed to capture and manage risks in the same way that a risk register does.
A risk low-level watch list is a tool used to monitor risks that have been identified but are not yet considered significant enough to be included in the risk register. It is a good practice to use a watch list to track risks that may escalate in severity and require action.
In conclusion, the best place for Adrian to document the risks associated with the technology is in the risk register. This will ensure that the risks are tracked, monitored, and managed appropriately throughout the project lifecycle.