Risk Probability and Impact Analysis

Correct Answer: Identify the risk in the Risk Register for monitoring.

In a Scrum framework managed under agile methodology, when a potential risk with high impact but low probability is identified, it should be logged in the Risk Register and monitored. The Risk Register is a document where all the identified risks are listed along with the chances of their occurrence and their likely impact. Despite the low probability, this risk cannot be ignored because if it does occur, it could have serious negative consequences. Therefore, answer 'Ignore the risk since the probability is very low.' is incorrect. Immediately developing a detailed contingency plan, as suggested in another answer, may not be the most efficient way to respond given the risk's low likelihood at the moment. Moreover, informing the Scrum team to stop working until the risk is mitigated is also an incorrect approach; halting work would delay the project and is not necessary given the low probability of the risk.

Correct Answer: Develop appropriate risk responses and strategies to handle this risk.

In the context of a ScrumMaster's role, the best course of action for a risk with high probability but medium impact that surfaced during a sprint review would be to 'Develop appropriate risk responses and strategies to handle this risk.' This approach is about managing the risk proactively based on its priority in terms of probability and impact, using risk management strategies appropriate for the specific context of the risk. This could include mitigations like extra analysis, strategic delegation of work, or applying a response plan. The other options aren't best practices in Scrum: letting the team decide without a structured process doesn't ensure efficient risk management, halting product development is disruptive and should be avoided unless the risk is extreme, and informing stakeholders to take necessary steps would be passing off the responsibility and not fully covering the ScrumMaster's role.

Correct Answer: Record the risk for monitoring and develop potential risk response strategies.

In Scrum, it is the responsibility of the Scrum Master and the team to manage risks. A risk with low probability but high impact should not be ignored as it can have significant consequences for the project (so, 'Ignore this risk as it may never occur.' is an incorrect approach). The risk also should not be immediately escalated to senior management without attempts to handle it within the team first (therefore, 'Report this to senior management and expect them to handle it.' is not a good alternative). Nor should the project deadline be automatically extended based on the identification of one risk (thus, 'Increase the project deadline considering the impact of the risk.' is not a proactive risk management approach). Instead, the best approach is to 'Record the risk for monitoring and develop potential risk response strategies.' This approach allows the team to stay informed about the risk and be prepared to respond if it does occur.