Risk Ownership

5 minutes 5 Questions

Risk ownership is the assignment of responsibility for managing a particular risk to a specific team member or stakeholder within an agile project. This concept helps ensure that the appropriate individuals are engaged in the process of identifying, assessing, and managing risks, and that risks are…

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Question 1

A new project has been assigned to Karen, the project manager. She notices there are numerous risks involved in the project. What should Karen do to ensure appropriate risk ownership for each risk?

Delegate risk ownership to the customers Share the risk ownership equally among all team members Identify relevant stakeholders and assign each risk to a risk owner Allow team members to choose the risks they want to own Assign all risks to the project manager Ignore risk ownership and focus on risk mitigation

Correct Answer: Identify relevant stakeholders and assign each risk to a risk owner

To ensure effective risk management, it's important to identify relevant stakeholders and assign each risk to a specific risk owner. This helps in focused accountability and specific mitigation strategies, leading to better risk management.

Question 2

During a project progress review meeting, it is found that a critical risk is being ignored, and no risk owner has been assigned. What should the project manager, Lisa, do in this situation?

Escalate the issue to upper management and ask for their guidance Assign a risk owner and develop a risk response plan Ask everyone to brainstorm solutions without assigning a risk owner Change the project scope to avoid the risk altogether Ignore the risk and continue with the project Schedule another meeting to discuss the risk in the future

Correct Answer: Assign a risk owner and develop a risk response plan

To address an unassigned critical risk, the project manager should assign a risk owner and develop a risk response plan. This will allow the project team to effectively manage the risk and take appropriate actions.

Question 3

During a risk management workshop, several new risks have been identified. However, most team members are reluctant to take responsibility for them. How should the project manager handle this situation?

Take responsibility for all risks as the project manager Assign risks based on expertise and discuss expectations with each risk owner Request additional team members to handle these risks Redistribute existing risks among team members to make it equal Dismiss the identified risks as non-essential Force team members to take responsibility for new risks

Correct Answer: Assign risks based on expertise and discuss expectations with each risk owner

The project manager should assign the identified risks based on team members' expertise and discuss their expectations with each risk owner. This encourages accountability while ensuring that the right person is managing each risk.

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Risk Ownership

Guide to Risk Ownership in Agile Project Management

Agile Project Management - Risk Ownership Example Questions

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