Risk Register

Correct Answer: Update the risk's analysis in the Probability and Impact Area.

The best answer is 'Update the risk's analysis in the Probability and Impact Area'. This is because the question specifically mentions that the identified risk has increased in severity. This suggests that the probability or impact of the risk has changed, not its category. Therefore, it should be updated in the 'Probability and Impact Area' of the risk register. The other answers are less suitable: 'Update the risk's categorization in the Risk Categorization Area' is not correct because there is no indication that the category of the risk has changed. 'Transfer the risk to the Risk Identification Area' is wrong because the risk has already been identified. Finally, 'Delete and reenter the risk in the Risk Register' is not the ideal solution because it would involve unnecessary effort to reenter all the risk information when only the analysis area needs to be updated.

Correct Answer: Assess the probability and impact of each risk

The most effective way to prioritize risks in project management is to 'Assess the probability and impact of each risk'. This method provides a clear evaluation on the chance (probability) that a risk will occur and the potential damage (impact) each risk could cause to the project if it does occur. On the contrary, the other options do not offer efficient ways to prioritize risks: 'Prioritize based on the alphabetical order of risk description' is irrelevant and does not consider the actual threat posed by the risks. 'Ask team members to vote on the most important risks' could introduce biases and not account for the objective probability and impact. Finally, 'Prioritize risks based on the most recently identified' is also incorrect, as recent identification of a risk does not necessarily mean it holds more importance or relevance to the project.

Correct Answer: Include communication plans in the risk register and ensure that stakeholders are kept in the loop about potential high-impact risks.

The best course of action in future projects is to Include communication plans in the risk register and ensure that stakeholders are kept in the loop about potential high-impact risks. This proactive approach will ensure transparency and trust amongst stakeholders, and minimize any surprise or displeasure should a high-impact risk occur. Avoiding including potential high-impact risks in the register to avoid alarming stakeholders in the future is not a responsible approach as it leads to lack of transparency. Delegating communication to lower-level team members might not effectively translate the gravity of the risk occurrence. Informing stakeholders in advance about all the risks might overload them with information, hence it's more effective to focus on potential high-impact risks.