Mitigation Strategy Development

Correct Answer: Conduct a thorough review of the risks and consider options for mitigation

As a project manager for a construction project, the initial step when a high-risk event like soil erosion is identified would be to conduct a thorough analysis of the risk and consider various options for its mitigation. This would involve understanding the degree of risk, its potential impact on the project, and discussing possible preventive and mitigative measures. The other options are not advisable as they either abdicate responsibility such as letting the stakeholders make the decision or suggest impractical steps like stopping the project to search for a new construction site. Ignoring the risk, even if it's a common one, is indeed not a good project management practice as it could lead to serious implications on cost, time, and even safety of the project.

Correct Answer: Develop a detailed and flexible project schedule interface management plan

The best practice to manage this risk is to 'Develop a detailed and flexible project schedule interface management plan'. This approach allows the project manager to anticipate, understand, and manage the complex interdependencies within a large project. The other answers are less effective for the following reasons: Delegating the responsibility of managing dependencies to the project team does not ensure that these interdependencies are managed in a coordinated and cohesive manner. Ignoring the risk is not a good practice in project management - all identified risks should be addressed. Adding more resources may expedite the project but doesn't necessarily address the complexity and potential issues arising from multiple task dependencies.

Correct Answer: Engage regulatory experts early and maintain ongoing communication with regulatory bodies

The best answer is to engage regulatory experts early and maintain ongoing communication with regulatory bodies. This approach is proactive and helps the project team stay informed about potential changes in compliance standards. Engaging experts early allows the team to anticipate and adapt to changing requirements throughout the development process. Ongoing communication with regulatory bodies ensures that the team receives timely updates on any evolving standards, enabling them to adjust their strategies accordingly. Accelerating the development process is risky, as it may lead to errors or oversights that could jeopardize regulatory approval. Lobbying for an extension of current standards is not a reliable strategy and may damage relationships with regulatory bodies. Developing multiple versions of the device to meet various potential scenarios is inefficient and costly, potentially delaying the project and increasing expenses unnecessarily. By choosing to engage regulatory experts and maintain communication, the project team can effectively mitigate the risk of delayed approval due to changing compliance standards while ensuring the development process remains aligned with current and upcoming regulatory requirements.