Question 39 of 100Question ID:612328During project planning, a risk was identified that the vendor contracted to supply materials for the project may not be able to meet the contractual requirements. The response to this risk was to contract with a secondary vendor at a higher cost, and contingency reserves were set aside for this risk. Eventually, during project execution, the risk was realized, and the secondary vendor has been contracted to provide the remainder of the needed material.What should the project manager do first?

RISK MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	APerform the Conduct Procurements process
B	BUpdate the risk register
C	CImplement the agreed-upon risk response
D	DSubmit a change request to update the cost baseline

Explanation:

Detailed explanation-1: -Ideally, you should create your risk management plan during the project planning phase. That way, you can best identify any risks and their potential impact and monitor those risks during the project.

Detailed explanation-2: -The PMBOK® Guide describes risk as, An uncertain event or condition, that if it occurs, has a positive or negative effect on a project’s objective. The key element of this definition is that the effect of the uncertainty, if it occurs, may be positive or negative on the objectives of the planned endeavour.

Detailed explanation-3: -Risk Management Process. Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks. Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk.

There is 1 question to complete.

SOFTWARE ENGINEERING

SOFTWARE PROJECT MANAGEMENT

RISK MANAGEMENT