Question on Risk Management
A PM has just finished the risk response plan of US$ 387,00 million project. Which of the following should he probably do NEXT?
1) Determine the overall risk rating of the project
2) Begin to analyze the risks that show up in project drawings
3) Add work packages to the project WBS
4) Hold a project reassessment
My answer is 2 but the correct choice is 3. Any explanations? Pls help.
The questions is not properly
The questions is not properly worded. Risk response planning can be done at any stage of project for the risks identified till that stage. So atleast I am not sure how 3 is right answer, Maybe others can comment.
Here is where Rita's process
Here is where Rita's process chart will help. After Risk process you need to go back and do the iteration. Here in this particular question, answer 3 is very much correct. I guess overall risk rating and project re-assement were done prior to risk response plan process. choice 2 is identify risk.. To incooporate your risk response plan one should need to alter the WBS by adding or removing. That is what here is asked I think. Actually the word "finished" from the question is somewhat misleading.
Re: Question on risk management
Hi Sumedha,
The explanation is follows.
The questions says you have developed the risk response plan.
So, eliminate option 2 because risk analysis, whether qualititive or quantititive, happens prior to development of risk responses.
Eliminate option 1, going by the logic above as option 1 is nothing but quantitive risk analysis.
Eliminate option 4. Actually this option is meaningless, nothing to do with risk per se.
Option 3 is applicable because risk response require time and people and hence they will have activities associated with them, so they ought to show up in WBS.
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It is definitely number
It is definitely number three, simply because one and two should happen prior the report; for doens't make sense to me. Vince, inchiriere auto baneasa
Answer is WBS
The question clearly states that risk response plan is done with 387,00. After that, you need to include that work into the WBS.
Sankara
the answer is 3 indeed.
Lets look at the responses one by one.
1) Determine the overall risk rating of the project
2) Begin to analyze the risks that show up in project drawings
These two options talk about risk prioritization and risk impact analysis. These two activities precede the Risk response activities because you cannot make your risk response plan until you have identified, quantified, and analyzed our risks. so these two are out of question.
4) hold project reassements, this is not the next thing you would do. You would only do this in case after execusion you would come across issues or you see a whole lot of changes happening. Ideally this is not what you do next.
so what we are left with is option 3. and this is true because when you have risk response ready it is time to get to action and therefore you would start adding work packages to your WBS.