Risk Monitoring and Control

Correct Answer: Update the risk register and reassess the risk response plan

The best course of action when a risk's impact increases is to update the risk register and reassess the risk response plan. The risk register is a living document that should be updated as the risk landscape changes. The project manager should then review and possibly revise the risk response plan to ensure it is ready to mitigate the new higher level of risk. This process keeps all stakeholders informed and ensures the plan reflects the current risk factors. The other options are not effective responses. Continuing with the project as if nothing changed ignores the increased risk and could lead to unpreparedness. Simply informing the team about the change without updating the appropriate plans and register also underestimates the impact of the elevated risk. Lastly, updating only the Risk Breakdown Structure does not directly address the increased risk because Risk Breakdown Structure merely provides a hierarchical overview of identified risks but does not offer contingency or response plans.

Correct Answer: Re-assess the risk and update your risk management plan accordingly.

Project management includes managing risks that might affect the project. The main initial action in the face of an unexpected risk modification is to re-assess the risk and update your risk management plan accordingly. This extends to doing a new evaluation of the situation, where you determine the impact and likelihood then decide the best approach to handle it. Ignoring the risk since it was originally considered very low likelihood is unprofessional and might result in project failure. Cancelling the project due to the unpredictable nature of the weather is an overreaction and not a good practice in project management, the focus should always be on managing risks not avoiding them completely. Continuing the project without changes, hoping that the weather will not affect the project, is ignorant of the principles of risk management and project management as a whole. Ignoring a revealed risk is not an evidence-based decision.

Correct Answer: Revisit the risk management plan to evaluate the impact of the new risk and update risk responses as needed.

The best answer is to revisit the risk management plan to evaluate the impact of the new risk and update risk responses as needed. When a new risk is discovered during the risk monitoring and control phase, the project manager should first assess its potential impact on the project. The risk management plan is the most appropriate document to revisit, as it outlines the strategies and processes for identifying, analyzing, and responding to risks throughout the project lifecycle. By evaluating the new risk within the context of the risk management plan, the project manager can determine its severity, probability, and potential effects on project objectives. Based on this assessment, the project manager can then update the risk responses and mitigation strategies to address the new risk effectively. While reviewing the project schedule and discussing the risk with the team are important steps, they should follow the initial assessment and update of the risk management plan. Initiating a new risk assessment process may not be necessary if the risk management plan is comprehensive and can accommodate the newly identified risk.