Risk Monitoring and Reviewing

Correct Answer: Seek help from subject matter experts or consultants and include their advice in your risk response plan.

In the event of a newly identified risk which poses a threat to the project's deadline, the most ethical and responsible action is to seek help from external experts, if the team lacks the expertise to handle it. This is because their advice are usually invaluable and can be included in the risk response plan, to mitigate the identified risk. The other answers are incorrect for several reasons: Firstly, firing the team members for not having the required expertise is not only unethical, but it could potentially exacerbate the situation as the team loses manpower and morale. Secondly, avoiding the risk and continuing with the project as it is would likely result in the risk becoming a reality, causing the project to miss its deadline. Lastly, forcing the team to handle the risk without additional assistance could lead to the team making mistakes due to their lack of knowledge and expertise, potentially compounding the risk situation even further.

Correct Answer: Action the response plan which was pre-defined during risk planning.

The best step to take when a critical risk identified at the start of the project is showing signs of occurrence is to 'Action the response plan which was pre-defined during risk planning.'. This is because an effective risk management plan should already include pre-defined response plans for anticipated risks. The option of 'Ignoring the symptoms until the risk occurs.' is not advisable because it can lead to a crisis situation, which might be more difficult and costly to manage. 'Re-doing the entire risk management planning.' is not necessary at this point since the risk was already identified at the start of the project, indicating that the initial risk management plan was effective. Instead, adapting the specific strategy for the emerging risk would be more efficient Lastly, 'Stopping work until a new risk assessment is complete.' would be quite disruptive to the project timeline and may not be necessary if there is already a response plan in place for the risk. This is typically a last resort option when the risk wasn't previously identified and there is a significant possibility of project failure.

Correct Answer: Regularly review and update the Risk Register as a part of the project’s risk management process.

The best practice in Agile project management as part of the risk management process is to regularly review and update the Risk Register. This ensures that the project is frequently checked for potential risks and deterrents that may hamper project progress. It enables the project team to take precautionary measures before a risk becomes an issue. As opposed to the other options, removing all identified risks from the Risk Register ignores the potential risks that might surface later on, which is not a sound project management strategy. Ignoring the Risk Register and focusing more on the current issues is not effective as it prevents the team from being proactively prepared for future risks. Lastly, avoiding risk identification entirely in the future is also not a good strategy as risk identification is integral to Agile project management for risk mitigation.