Agile Risk Board

Correct Answer: Remove the risk from high priority but keep monitoring it

In an Agile project, risks are continuously monitored and reassessed, and the risk board is regularly updated. If a high-priority risk does not materialize, it should be removed from high priority but should still remain on the risk board for continuous monitoring. This is why the answer 'Remove the risk from high priority but keep monitoring it' is correct. 'Reassign the risk to another project' is not correct because risks are project-specific, they cannot be transferred from one project to another. 'Elevating the situation to senior management' isn't needed unless there is a direct reason to do so, such as the risk materializing or increasing in priority. 'Keeping the risk as high-priority' is not accurate because risks should reflect their true status, to ensure that attention is focused on currently high-priority items.

Correct Answer: Re-prioritize the risk on the risk board and reassess the impact on tasks and schedule

In Agile project management, risk management is a constant cycle. Teams prioritize risks based on their perceived impact and probability, but these assessments may change as project circumstances evolve. In this case, a risk previously identified as low-priority has unexpectedly become high-impact. Addressing this situation requires a re-assessment of the risk and its potential influence on the project. This would involve reprioritizing the risk on the Agile Risk Board and re-examining its impact on the team's tasks and schedule. The other responses are unsuitable. Ignoring the change, as the second option suggests, can lead to serious project complications. Immediately halting all work, as the third option proposes, is typically excessive, could delay the project and thus is not a feasible solution. Lastly, the fourth option suggests completely eliminating the risk. However, this might not be possible without potentially major changes to the project scope or plans, and hence is not the best solution.

Correct Answer: Update the Agile Risk Board with the identified risk, its potential impact, and possible mitigations before the sprint planning.

In Agile methodology, one should continuously manage and handle risks. Hence, if a new risk that could significantly affect the project timeline is identified during a sprint review, the most suitable action would be to update the Agile Risk Board with the identified risk, its potential impact, and possible mitigations before the sprint planning. This way, the potential impacts can be discussed and addressed in the next sprint planning. Ignoring the risk because it was discovered after the sprint has already begun is not an approach that aligns with agile principles, which encourages flexibility and constant feedback. Discussing the risk only in the next retrospective meeting for future learnings would postpone the actions needed to deal with the risk, possibly resulting in a great impact on the project. Changing the project timeline immediately to incorporate the detected risk would be premature, as the risk first needs to be discussed with the team and possible mitigations need to be planned before any project timeline changes are made.