You are the project manager for your company and a new change request has been approved for your project.
This change request, however, has introduced several new risks to the project.
You have communicated these risk events and the project stakeholders understand the possible effects these risks could have on your project.
You elect to create a mitigation response for the identified risk events.
Where will you record the mitigation response?
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A. B. C. D.A.
The Identified risks and potential responses are documented in the risk register.
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.
Incorrect Answers: B: This is not a valid choice for this question C: The project management plan is the parent of the risk management plan, but the best choice is the risk register.
D: The risk management plan is an input to the risk response planning, but it is not the best choice for this question.
As the project manager, you have identified the risks associated with the change request and communicated them to the stakeholders. The next step is to develop a mitigation response plan to manage these risks effectively. The mitigation response plan should be documented and recorded for future reference.
The risk register is a document that records all identified risks, their probability of occurrence, and the impact they will have on the project if they occur. It also includes the risk owner, risk response strategies, and the risk response action plan. Since you have already identified the risk events, the mitigation response plan should be documented in the risk register.
The risk log is another document that provides details on the identified risks, including their status, risk owner, and any actions taken to manage them. However, it is not the appropriate document to record the mitigation response plan.
The project management plan is a comprehensive document that outlines how the project will be executed, monitored, and controlled. It includes project scope, schedule, budget, quality, and risk management plans. While the mitigation response plan is an essential component of the risk management plan, it is not recorded in the project management plan.
The risk management plan is a component of the project management plan that outlines how risk management activities will be conducted throughout the project lifecycle. It includes the risk management approach, risk identification, risk analysis, risk response planning, and risk monitoring and control. Since the mitigation response plan is a component of the risk response planning process, it should be recorded in the risk management plan.
Therefore, the correct answer is A. Risk register.