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Topics: Risk Management
another risk question
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91- You are the project manager of WZX Project. You identified all the risk in your project and assign
contingency reserve but all missing intermediate milestones as triggers conditions are not identified.
what you should do to handle this in future?
A- You should increase the frequency of risk review Meeting.
B- Risk Reassessment .
C- Risk audit.
D- Change request.
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Ans: C (primarily I thought B)
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I agree that C is probably the best answer.
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Ans:B. Because in risk reassessment we will reassess the risks and try to find out the information about missing pieces like intermediate milestones etc.
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Ans : B to verify and identify it.
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With reference to PMBOK Edition 5
(1) Risk Reassessment results in identification of new risks, reassessment of current risks and closing of risks that are outdated.
(2) Risk Audits examine and document the effectiveness of risk responses in dealing with identified risks, their root causes and overall effectiveness of risk management process.

My understanding of the question is that all risks are identified but milestones are getting missed, trigger conditions are not identified and how to handle in future? So, I think Risk audits is the right answer which is C.
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I'd go with C

There is something missing in his risk register, which is the triggers.
If he did risk reassessment, he might find some new risk but he wont be able to identify the missing triggers.
On the other hand, risk audit let him review the process of risk management & identify what is missing in it.
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In Risk reassessment, we also reassess the identified risks. Missing information can be found during reassessment.
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I'll go with Risk reassessment
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I would go for C.
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I would go with B, you are the project manager.
Risk audit (C), will reveal that the project manager did not make the full risk management. In some respect the audit was done by you the project manager the question is base on the result!
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1 reply by Abhinav Saxena
Jan 28, 2018 1:49 AM
Abhinav Saxena
...
If all missing intermediate milestones as trigger conditions are not identified, it means either the process is not clear to the team and formats / templates are not developed well.

If one chooses, risk assessment, the same mistake is likely to happen, as it will have new risks, reassessment of current risks, and closing of risks that are outdated.

If one chooses, risk audit, all the short findings in the process will be on the table.

I think Answer C would be the best choice.

Vincent, even if one is PM, and Risk audit reveals where the process to be improved, PM should opt Risk audit.

Considering PMs role in this process if very critical and important and the Tigger conditions are missed, it would be great that Expert do the Risk Audit.
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