Identifying and Monitoring Risk Triggers

Correct Answer: To serve as early warning signs that a risk event is about to occur

Risk triggers serve as early warning indicators or signs that a risk event is about to materialize. These triggers are crucial monitoring tools in project risk management that help project teams anticipate and prepare for potential risk events. They act as observable symptoms or signals that alert the project team to take necessary action before a risk fully materializes. For example, increasing team conflict could be a trigger for potential schedule delays. The other options are incorrect because: - Creating sequential lists of potential risks is part of risk identification, not risk triggers - Establishing budget for risk responses is part of risk response planning - Documenting historical risk events is part of organizational process assets and lessons learned, not risk triggers Risk triggers are specifically designed to provide advance warning of impending risks, allowing project teams to implement response strategies at the optimal time.

Correct Answer: Update the risk register and execute the planned risk response strategy

The most effective way to handle early warning signs when monitoring risk triggers is to update the risk register and execute the planned risk response strategy. Here's why: Correct Answer Rationale: - When risk triggers are detected, prompt action using predetermined strategies is essential - The risk register contains pre-planned response strategies developed during risk planning - Executing the planned response strategy ensures a coordinated and approved approach - This approach follows PMI's best practices for risk response implementation Why other options are incorrect: - Waiting for additional confirmation delays response time and could allow risks to escalate - Escalating to senior management before executing planned responses adds unnecessary delays and bypasses established protocols - Analyzing historical data when triggers are already present is too late and delays necessary action Best practice in risk management is to act on triggers using pre-approved response strategies rather than introducing delays or additional analysis steps when warning signs appear.

Correct Answer: A measurable variance from the baseline threshold

A measurable variance from the baseline threshold is the best indicator of a risk trigger being activated because: Risk triggers are specific conditions or events that signal when a risk is about to occur or has occurred. The most objective and reliable way to identify a trigger is through measurable, quantifiable deviations from established baseline thresholds. The other options are less reliable indicators: A complete deviation from all parameters would be too extreme and would indicate that the risk has already fully materialized, not that it's being triggered. Stakeholder reports of potential concerns are subjective and may not correlate with actual risk triggers - they are more suitable for initial risk identification. Qualitative assessments of probability are useful for risk planning but are not specific enough to serve as concrete triggers, as they lack the precise measurement needed for trigger identification.