Risk Review

Correct Answer: Add it to the risk register and assess its impact

The answer 'Add it to the risk register and assess its impact' is the most appropriate one. In project management, even if risks are considered negligible, it's best practice to record them in a risk register. This allows for an objective analysis and assessment, considering that risk perception can vary between team members. It further ensures no potential risk is overlooked, which may have dire consequences if materialized. The other options are poor choices. Never should you 'Ignore the risk as the rest of the team considers it negligible' because each risk, even if deemed negligible, needs to be evaluated as it could possibly impact the project. 'Reassign the team member who suggested the risk' is not a solution to the problem at hand and 'Cancel the project and start a new task' is an extreme reaction to a single risk suggestion.

Correct Answer: Carry out a cost-benefit analysis for the mitigation plan

The best course of action would be to 'Carry out a cost-benefit analysis for the mitigation plan'. As a project manager, you should weigh the potential benefits of the plan against its costs to make an informed decision. By doing this, you can understand whether the high cost is justified by the potential benefit of mitigating the risk. Simply accepting or rejecting the plan without analysis could be an arbitrary decision and may not serve the project's best interests. Additionally, asking for a cheaper plan might not be effective if it doesn't appropriately address the risk.

Correct Answer: Document the risk and monitor it

In project management, particularly when it pertains to risk management, the goal is not to eliminate all risks, as this is practically impossible. The best approach when a highly unlikely risk with a low impact is identified is to document the risk and monitor it (Correct answer). This is because, although the risk is unlikely and its impact is minimal, it's still important to have a record of the risk and monitor its potential development. Taking immediate action to mitigate the risk is not necessary because the risk is highly unlikely and its impact is minimal. Ignoring the risk, even when its impact and probability are low, is not a best practice in risk management, as all identified risks should be managed adequately. Sharing low impact and unlikely risk details with the clients might lead to unnecessary panic or misunderstanding. It's the team's duty to manage such risks, rather than involving clients in these minordetails without a need.