Risk Monitoring and Control

Correct Answer: Update the risk register and perform a qualitative assessment.

The very first step in risk management when a new risk is identified is to 'update the risk register and perform a qualitative assessment'. This allows the project manager to understand the potential impact of the risk further, how likely it is to happen, and initiate an appropriate response strategy. The other options do not follow the risk management process as recommended in standard project management guidelines. 'Notify the project sponsor and request additional resources' might not be necessary until the risk is fully understood. 'Perform a quantitative assessment of the risk immediately' skips the important step of qualitative assessment. Lastly, 'Ignore the risk as it was not identified during the initial risk assessment' is never a good strategy in risk management. New risks can and will arise at different project stages, and ignoring risks can lead to unforeseen issues and project failures.

Correct Answer: Activate the risk response plan for this risk if one exists

In project management, the initial response when a risk occurs is to refer to the risk response plan if one exists. In this case, the project manager should activate the risk response plan for this risk as the first action. Blaming the software provider does not solve the immediate issue, nor does it prevent the consequence of the risk from affecting the project. Starting to identify risks from scratch might be part of the recovery process, but it should not be the first action as there might be immediate actions needed as outlined in the risk response plan. Cancelling the project is an extreme response and should be avoided unless the viability of the project is seriously compromised, in this case there should be a risk management plan in place for this situation.

Correct Answer: Reevaluating the effectiveness of risk responses in light of actual project outcomes and external changes.

The most accurate description of the Risk Monitoring and Control process is reevaluating the effectiveness of risk responses in light of actual project outcomes and external changes. This answer correctly captures the iterative nature of the Risk Monitoring and Control process, which involves not only identifying new risks but also regularly reviewing and reassessing identified risks, risk responses, and the overall risk management plan. By reevaluating the effectiveness of risk responses in the context of actual project outcomes and external changes, the project team can adjust risk strategies and actions as needed to ensure the project's success. The other answers are incorrect because they fail to capture the dynamic and adaptive aspects of Risk Monitoring and Control: - Strictly adhering to the initial risk management plan without accommodating changes in the project's environment is not effective, as it does not allow for necessary adjustments in response to evolving project dynamics and external factors. - Exclusively focusing on identifying new risks without reevaluating existing ones is insufficient, as it does not ensure that the risk management plan remains current and comprehensive throughout the project's lifecycle. - Implementing risk responses based on pre-defined triggers without consideration for changes in project parameters is not ideal, as it does not account for the need to adapt risk strategies in response to evolving project objectives and circumstances.