Risk Probability and Impact Assessment

Correct Answer: Analyze the risk, plan a risk response strategy considering the time impact

In any project management scenario, encountering risks is normal. The appropriate response is not to panic, reassess, or abandon the project but to have a strategic plan to manage the risk. In this case, the correct course of action would be to 'Analyze the risk and plan a risk response strategy considering the time impact'. This strategy takes into account that the setback is minor (only two days), and the likelihood of occurrence is 50% - not a certainty, but not a non-existent threat. The answer 'Cancel the project and restart after two days' is incorrect because it would not make sense to cancel an entire project for a risk that may or may not materialize and especially for a minor setback. It would cause unnecessary delay and resource wastage The answer 'Reassign team to another project' is also incorrect because that would mean abandoning the project due to a potential risk, which is counterproductive and impractical from a project management perspective Finally, 'Make no changes - proceed as planned' might sound like a tempting choice, but it's still necessary to weigh potential risks and have strategies in place to manage them, even if we decide not to make any immediate changes. In this scenario, proceeding as planned without any risk management would be negligent.

Correct Answer: Prepare contingency plans and trigger conditions

The best approach in this scenario is to prepare contingency plans and trigger conditions. This is because the system risk prediction is not guaranteed, but there is a 20% chance it may occur. Hence, having a plan in place to tackle the problem if it arises goes in line with proactive project risk management. Starting to work on the issue immediately, answer choice 144771, may be premature as the risk might not occur and could lead to wasted resources and time. Waiting until the system crashes, answer choice 144772, is not the ideal option because it is reactive rather than proactive. Predetermined planning could mitigate the crash or its impact if it occurs. Requesting extra funding, answer choice 144773, might not be the best initial action. Understanding the issue and drafting contingency plans is a more strategic initial step than requesting resources based on an estimated risk prediction.

Correct Answer: Develop a contingency plan including backup servers and data recovery strategies.

The best course of action in addressing the identified risk of server failure during a website redesign project is to 'Develop a contingency plan including backup servers and data recovery strategies'. This approach acknowledges the risk and prepares for any potential impact, effectively minimizing potential delays or disruptions. On the other hand, 'Ignoring the risk as the chances of occurrence are quite low' is not an advisable approach since management of risks involves considering even those with low probabilities. 'Informing the client about the potential delay due to this risk' could be a part of communication plan, but it does not actively address or manage the risk. 'Planning to extend the project deadline right away' may trigger unnecessary costs or delays, and it only reacts to the risk, rather than managing it proactively. Hence these options are inadequate compared to the recommended approach of developing a contingency plan.