Risk Register

Correct Answer: Risk categories, risk probability, risk impact

The Risk Register is a document that contains details about the identified project risks, mitigations, and response plans. It should typically include 'Risk categories', which classify risks into specific categories; 'Risk probability', which is the likelihood of the risk occurring; and 'Risk impact', which quantifies the potential adverse impact of the risk. The other answer options mention important elements of risk management but are not typically part of the Risk Register itself. For example, while the project manager will likely assign risk owners, create contingency plans, and calculate mitigation costs, these are often components of a broader risk management strategy and do not always appear in the Risk Register. Similarly, a detailed project risk analysis might involve assessments of past risk occurrences, schedule variances, cost variances, risk triggers, residual risks, or secondary risks, but these elements are not considered standard components of a Risk Register.

Correct Answer: Perform Qualitative Risk Analysis

After identifying risks in project management, the next process usually involves 'Performing Qualitative Risk Analysis'. This process helps determine the probability and impact of the identified risks, hence, establishing their priority. 'Monitor and Control Risks' is not the immediate next step because it involves tracking, reviewing, and regulating the risk and its response. This is done after planning and analyzing the risks. 'Plan Risk Responses' also does not immediately follow risk identification. It involves developing options and actions to reduce threats and increase opportunities which again, needs risk analysis prior to it. Finally, 'Perform Quantitative Risk Analysis' is a process where numerical data is used to determine the probabilities of various outcomes, it's not usually the direct next step after identifying risks.

Correct Answer: Review and update the risk register to include the newly identified technical hurdle, evaluate its impacts, and develop mitigation strategies.

The most appropriate next step is to review and update the risk register to include the newly identified technical hurdle, evaluate its impacts, and develop mitigation strategies. This aligns with best practices in project risk management according to the PMBOK Guide. When a new risk is identified, it should be documented in the risk register along with its potential impacts and proposed responses. The risk register is a living document that should be continuously updated throughout the project lifecycle. Notifying stakeholders about the issue is important, but it should be done after the risk has been properly assessed and mitigation strategies have been developed. Pausing project activities or assigning a single developer to solve the issue are not the most effective approaches, as they do not follow the systematic risk management process outlined in the PMBOK Guide.