update risk log or notify the stakeholders ???

Submitted by ranatungawk on Mon, 02/03/2014 - 13:15
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    Could you plese tell me your opinions for the following question, i think the answer is C, this paper say the correct answer is D. i have seen in some sources, the 1st thing we need to find any kind of risk is to log it in the risk registry, then update the S/H....what do u think ???

QS: Your project is nearing completion, but a previously unidentified risk has been discovered and it could significantly affect one of the project deliverables. What do you do?

  A.  Transfer the risk.

    B. Develop a risk mitigation plan.

   C. Include the issue in the project risk log.

   D.  Notify the project stakeholders immediately.

As per the writer , the answer was : D

 

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VinC

Tue, 02/04/2014 - 11:56

Probably the writer is inclined to Answer D as the identified risk is affecting the Project deliverables significantly. The emphasis here seems to be on the effect on deliverables. 

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admin

Tue, 02/04/2014 - 13:22

 You would first notify the stakeholders, its very important. After that you can work on mitigation plans 

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ranatungawk

Tue, 02/04/2014 - 13:51

 

Thanks for the information isn't necessary to update issue log ???

amyg

Wed, 02/05/2014 - 17:15

See if this makes sense. Lets say you are working in natural gas plant. One of the risk you identified is a fire hazard that you missed to think of earlier. This fire hazard is because of a electrical light switch, the source of ignition in the area.
What would make more sense, to tell the stakeholders that do not operate the switch if you smell natural gas. Or update the risk register.
If I am the project manager I would inform the stakeholders first and then log it later, to take appropriate action.
Some questions are hard to fathom based on the industry experience on has. A person in the IT may think, updating the issue log is more important.

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admin

Thu, 02/06/2014 - 03:54

What you have mentioned here is a crisis situation, the risk has materialized, its a critical issue, there you press panic button and run, you don't go informing stakeholders.

But when the event is still a risk you can follow the protocols and inform the stakeholders.

amyg

Thu, 02/06/2014 - 19:53

I did not mention a situation where the risk has materialized, I used an "IF"

If you smell gas then do not operate the switch. Materializing would be when someone actually flipped the switch and the fire broke out. I did not mention there was fire and so I would inform the stakeholders. And how do you know the stakeholder who needs to be informed are not in there working. Stakeholders are not the ones sitting in the office making plans. Its also the project team that's actually doing the work.

Sandy10001

Tue, 07/29/2014 - 01:35

The key to the question is that this risk 'could' have an impact. Let's analyze the four options.
A - transferring the risk is inappropriate until you've analyzed the potential impact.
B - the same here, analyze first
C - reasonable but we might want more information about the level of significance.
D - the best option. When you meet with the stakeholders you can analyze the potential impact and determine their willingness to accept the risk.

You can learn more about this and all of the exam in a course I teach for PMstudy. You can reach me at sandra.s@PMstudy.com

ruthkim

Wed, 07/30/2014 - 20:36

This is tricky, but the best answer should be D. Options A and B are clearly wrong, and the question is setup to point you to pick option C. The reason why C cannot be the correct answer is because you would not be entering an "issue" in the "risk log". Issues and Risks are different and they are subtly looking to see if you would recognize this. Therefore, the best option would be D.

Frances Tessler

Sat, 08/02/2014 - 15:06

I agree with Ruth. The best option is D.