Risk Identification

Correct Answer: Perform continuous risk identification throughout the project life cycle

The best possible answer is 'Perform continuous risk identification throughout the project life cycle'. Risk Management is a continuous process that progresses with the project and cannot be confined to a particular phase of the project. Therefore, even if any risks are missed initially, they should be identified and managed as the project progresses. The other options such as 'Change risk identification techniques', 'Conduct a lessons learned meeting', or 'Create a new risk register' may not be the most immediate or effective solutions. Changing the identification technique doesn't guarantee that all risks will be covered. Lessons learned meeting is generally conducted after the project or a major phase is completed and not immediately after risk identification. Creating a new risk register also won't solve the issue as it is not about creating the register but about identifying and managing the risks.

Correct Answer: Historical data analysis

The most likely risk identification technique used here is Historical data analysis. The scenario presented hints at the use of past data (lead times from suppliers) to reach the conclusion about the potential risk (delayed delivery of critical components). This is a typical example of using historical data analysis in risk identification. On the other hand, Brainstorming is a technique used mostly for generating new ideas, usually conducted with a team or group- but there's no such group activity indicated in the scenario. Expert judgement involves using the expertise and knowledge of experts to identify potential risks. While this method could also possibly lead to identifying the risks mentioned, it's less precise considering the scenario. On-site inspections are typically physical walkthroughs or checks performed to identify any potential risks and are less commonly used in the context of supply chain risk management.

Correct Answer: fishbone

The fishbone diagram, also known as the Ishikawa diagram or cause-and-effect diagram, is a visual tool commonly used to identify and analyze the underlying factors contributing to a specific risk event or problem in project management. The fishbone diagram gets its name from its resemblance to a fish skeleton. The 'head' of the fish represents the main risk event or problem, while the 'bones' branching off from the spine represent the various categories of potential causes. This diagram helps project managers and teams brainstorm and categorize the potential causes of a risk event, enabling them to identify the root causes and develop appropriate risk mitigation strategies. The other answer options, such as spider, tree, and SWOT diagrams, are not specifically designed for breaking down the contributing factors of a risk event in project management.