You and your project team are identifying the risks that may exist within your project.
Some of the risks are small risks that won't affect your project much if they happen.
What should you do with these identified risk events?
Click on the arrows to vote for the correct answer
A. B. C. D.B.
When identifying risks within a project, it's important to assess each risk and determine the potential impact it may have on the project. Some identified risks may be deemed small or insignificant and may not significantly affect the project if they occur. In this case, there are several options that can be taken, including:
A. These risks can be accepted: Accepting a risk means acknowledging that it exists and deciding not to take any further action to mitigate it. This option is appropriate when the potential impact of the risk is deemed low and it is not worth investing resources to mitigate it.
B. These risks can be added to a low priority risk watch list: A low priority risk watch list is a list of identified risks that have been deemed to have a low likelihood of occurring and a low impact on the project. While these risks may not require immediate action, they are still monitored in case their likelihood or impact changes over time.
C. All risks must have a valid, documented risk response: This option suggests that all identified risks should have a documented response plan, regardless of their perceived impact on the project. While it may seem excessive to create response plans for small risks, it ensures that all risks are accounted for and can be quickly addressed if they do occur.
D. These risks can be dismissed: Dismissing a risk means deciding that it does not pose a threat to the project and no further action is required. However, this option should only be considered after a thorough analysis of the risk and its potential impact on the project.
In summary, the appropriate response to small risks depends on their potential impact on the project. While some risks can be accepted or added to a low priority watch list, it's important to document all identified risks and have a response plan in place. Dismissing a risk should only be considered after a thorough analysis.