Stakeholder Risk Management

Correct Answer: Encourage open and frank discussion about the risk in the next stakeholder meeting and emphasize the importance of managing risks properly. Schedule an additional session if required to discuss the risk further.

The best approach when dealing with existential threat to the project raised by a stakeholder is to provide a platform for open and frank discussion. By encouraging engagement during the stakeholder meeting provides an environment where risks can be assessed collectively and mitigating measures can be designed. This approach also emphasizes the importance of proper risk management. This is the correct answer because it follows good project management practices by not ignoring risks and making sure everyone has a say in risk management. The other answers are incorrect because they either promote unhealthy project management practices or they marginalize the other stakeholders. Ignoring the risk just because other stakeholders are not interested in discussing it can lead to unmanaged risks wreaking havoc on the project. Trying to manage the risk without involving other stakeholders goes against inclusive decision-making and can cause resentment or non-cooperation among stakeholders. Accepting the risk without further analysis just to calm the challenging stakeholder is not proactive risk management and can lead to risks causing unexpected damages to the project.

Correct Answer: Meet with the stakeholder, address their concerns and work out on a communication plan.

When dealing with a critical stakeholder who is uncertain about the direction of the project, the best course of action is to engage with them directly and address their concerns. This can be done by meeting with the stakeholder and working on a communication plan to ensure any concerns and changes are communicated effectively. This way, stakeholders feel heard and are more likely to support the project, reducing the risks associated with their uncertainty. The other options are less favorable as they either exclude the stakeholder, which can lead to displeasure and more uncertainty, or involve implementing plans without discussing with the stakeholder, which goes against the principles of transparency and collaboration in project management. Furthermore, asking for a formal letter is not as effective as a direct discussion, which allows for immediate firmer and more comprehensive responses to the concerns raised.

Correct Answer: Update your stakeholder list, register the new risks and plan for risk responses.

In project management, any change, including the addition of a new stakeholder halfway into a high-stakes project, must be properly managed to prevent adding risks to the project. This involves updating the stakeholder list to reflect the new stakeholder, analyzing and registering any potential risks that the new stakeholder may introduce to the project, and planning for possible risk responses. This is in line with standard project management practices and reduces potential negative impacts on the project. Other given answers such as ignoring the new stakeholder, updating the stakeholder list without considering new risks, or assuming that the project is too far along to be impacted significantly by new risks are not appropriate steps to take as they can lead to project complications.