Risk Trigger

Correct Answer: To enable proactive risk response planning and timely implementation of risk responses when needed

The primary purpose of identifying and monitoring risk triggers in project risk management is to enable proactive risk response planning and timely implementation of risk responses when needed. By identifying potential risk events and their corresponding triggers early in the project, the project team can develop appropriate risk response strategies and be prepared to execute them if the risk materializes. This proactive approach helps minimize the impact of risks on project objectives. Eliminating all potential risks is not a realistic goal, as some risks are inherent to the project and cannot be completely eliminated. The focus should be on managing and mitigating risks effectively. Prioritizing risks based on probability and impact is an important aspect of risk management, but it is not the primary purpose of identifying and monitoring risk triggers. Risk prioritization helps in allocating resources efficiently for risk mitigation, but it does not directly address the timely implementation of risk responses. Documenting and reporting risks to stakeholders is essential for communication and transparency, but it is not the main objective of identifying and monitoring risk triggers. The primary focus is on enabling the project team to respond effectively to risks when they occur.

Correct Answer: Regularly review the risk register and assess the status of identified risk triggers

The most effective way to monitor risk triggers during project execution is to regularly review the risk register and assess the status of identified risk triggers. This approach ensures that the project team stays proactive in identifying and addressing potential risks. By periodically reviewing the risk register, the team can evaluate whether the triggers for each risk have occurred or are likely to occur, and take appropriate actions to mitigate or respond to those risks. Relying solely on team members to report risk triggers during project meetings is not sufficient, as some triggers may be missed or not communicated effectively. Conducting a comprehensive risk analysis only at the beginning of the project assumes that triggers will remain unchanged, which is rarely the case in dynamic project environments. Assigning a dedicated risk manager to continuously monitor all aspects of the project can be resource-intensive and may not be necessary if the entire team is involved in regular risk reviews.

Correct Answer: A risk trigger that may lead to schedule delays

The project manager is observing a risk trigger that may lead to schedule delays. The sustained decrease in team velocity serves as an early warning sign that the project might not meet its scheduled deadlines. In risk management, such triggers are indicators that prompt the need for proactive measures to prevent potential risks from materializing. Recognizing this pattern allows the manager to address underlying issues before they lead to actual schedule delays.