How Often Should Risk Reassessment Occur in the HAR Project?
Question
Billy is the project manager of the HAR Project and is in month six of the project.
The project is scheduled to last for 18 months.
Management asks Billy how often the project team is participating in risk reassessment in this project.
What should Billy tell management if he's following the best practices for risk management?
Answers
Explanations
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If Billy is following the best practices for risk management, he should tell management that project risk management is scheduled for every month in the 18-month project.
Risk management is a continuous process that involves identifying, assessing, and mitigating risks throughout the project lifecycle. The project manager and project team should actively participate in this process to ensure that risks are identified and addressed promptly.
Regular risk reassessment is essential to ensure that the project remains on track and that any new risks are identified and addressed. Waiting until project milestones or status meetings to reassess risks may be too infrequent and could result in risks being overlooked.
Therefore, scheduling risk management activities on a monthly basis provides a reasonable frequency for reassessing risks and taking appropriate actions to mitigate them. This practice allows the project manager and team to stay informed of potential risks, track progress, and make adjustments as necessary to meet project objectives.
In summary, if Billy is following the best practices for risk management, he should schedule risk management activities every month during the 18-month project. This approach ensures that risks are continuously monitored and addressed, and project success is more likely to be achieved.
