SOFTWARE PROJECT MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When you initially started your construction project, you and your team identified a lot of risks. Then, during execution, the actual volume of these risks ended up being far less than you expected. You now want to update this information so that future projects can benefit from what you learned without having to spend a lot of time and money on risk identification. Where would you update this information?
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In the Project Scope Document
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In the Risk Register
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In the Procurement Documents
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In the Probability and Impact Document
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Explanation:
Detailed explanation-1: -The four options of risk response strategies: Avoid, Mitigate, Accept, and Transfer are no stranger to construction contractors, but these strategies may do more harm than good if executed properly.
Detailed explanation-2: -The PMBOK Guide defines secondary risks as “those risks that arise as a direct outcome of implementing a risk response.” In other words, you identify risk and have a response plan in place to deal with that risk.
Detailed explanation-3: -Assumptions Analysis Every project contains certain underlying assumptions upon which its business case is built. Identifying these assumptions, and analyzing their reliability, can result in the identification of new risks.
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