Implement Risk Responses

Correct Answer: Risk register with response outcomes and actual effectiveness metrics

The risk register is the primary document used to track and monitor risks throughout the project lifecycle. It should be updated to reflect: 1. The implemented risk responses 2. Their outcomes 3. The actual effectiveness of these responses 4. Any lessons learned from the implementation This document serves as a historical record and helps in future risk planning and response evaluation. The other options are less suitable because: The project management plan is a higher-level document that contains risk management strategies but does not track specific response outcomes. A risk response effectiveness matrix is not a standard project management document, and while it might be useful, it's not the primary tool for documenting implemented responses. The stakeholder engagement plan focuses on communication strategies and stakeholder management, not on documenting risk response outcomes.

Correct Answer: Perform a new qualitative risk analysis and adjust the response strategy accordingly

The best course of action is to perform a new qualitative risk analysis and adjust the response strategy accordingly. Here's why: In risk management, continuous monitoring and control are essential. When new information suggests a change in risk severity, the proper response is to: 1. Reassess the risk through analysis 2. Update risk documentation 3. Modify response strategies based on new assessment 4. Implement revised controls This approach aligns with PMI's iterative risk management practices and ensures that risk responses remain appropriate and effective. Why other options are incorrect: - Continuing with the existing plan despite new information about increased severity would be negligent and could lead to project failure - Simply updating the risk register while maintaining the same strategy doesn't address the increased threat level - Waiting for senior management guidance before acting could waste valuable response time and potentially allow the risk to escalate further. While keeping stakeholders informed is important, the project manager has the authority and responsibility to manage risks actively

Correct Answer: Conduct a cost-benefit analysis of current risk responses and reallocate resources based on priority

Conducting a cost-benefit analysis of current risk responses and reallocating resources based on priority is the BEST approach because: 1. It follows proper risk management principles by evaluating the effectiveness of current responses 2. It ensures optimal use of available resources by focusing on high-priority risks 3. It demonstrates responsible budget management 4. It allows for data-driven decision making Why other options are not optimal: Escalating all risks to senior management is an overreaction and shows poor risk management capabilities. Not all risks require escalation, and this approach may damage the project manager's credibility. Reducing the scope of risk management activities could expose the project to unmanaged threats and potentially create larger problems later. Using contingency reserves from other project areas is inappropriate as these funds are designated for specific purposes, and using them could create new risks in those areas.