Risk Assessment and Mitigation

Correct Answer: Use a probability-impact matrix to score each risk and establish treatment priorities

A probability-impact matrix is the MOST effective way to evaluate and prioritize risks because: 1. It provides a structured, systematic approach to risk assessment 2. It considers both the likelihood of occurrence and potential impact 3. It enables objective comparison and ranking of multiple risks 4. It helps establish clear treatment priorities based on quantifiable criteria 5. It's an industry-standard tool recognized by PMI The other options are less effective because: Creating detailed mitigation plans for all risks is resource-intensive and inefficient, as not all risks warrant the same level of attention. Relying solely on team member intuition and past experiences lacks objectivity and systematic evaluation criteria, making it difficult to justify priorities. Focusing only on monetary impact is too narrow, as risks can have other significant impacts (schedule, reputation, quality) that need consideration in the evaluation process.

Correct Answer: Implementing pair programming and establishing a mentoring program

Implementing pair programming and establishing a mentoring program is the best risk mitigation strategy because it addresses both the probability and impact of technical skill gaps in two effective ways: 1. PROBABILITY REDUCTION: - Mentoring programs create systematic knowledge transfer - Experienced team members can guide and train less experienced ones - Continuous learning environment reduces the likelihood of skill gaps developing 2. IMPACT REDUCTION: - Pair programming ensures real-time skill sharing - If one team member leaves, knowledge is retained within the team - Creates redundancy in technical capabilities Why other options are less effective: Status meetings and documentation only track and record issues but don't actively address the skill gap. Technical documentation and code reviews are good practices but are more focused on quality control than skill development. Mandatory training and consultants can be helpful but represent a more reactive and expensive approach that doesn't build sustainable internal capabilities as effectively as mentoring and pair programming.

Correct Answer: The product of probability and impact values

In risk assessment matrices, the fundamental calculation for determining risk exposure score is the product of probability and impact values. This is a core principle in risk management. This multiplication provides a quantifiable measure of risk exposure that accounts for both how likely a risk is to occur and how severe its consequences would be if it does occur. The alternative answers present more complex or incomplete approaches: Summing qualitative and quantitative indicators mixes different measurement scales, which would not provide a meaningful score. Averaging probabilities with tolerance thresholds combines unrelated metrics and would not accurately reflect risk exposure. Risk velocity and proximity are supporting factors but not primary determinants of the overall risk exposure score in a standard risk assessment matrix.