A project team member has just identified a new project risk.
The risk event is determined to have significant impact but a low probability in the project.
Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project.
What should the project manager do with the risk event?
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A. B. C. D.B.
In this scenario, the project team member has identified a new project risk, which has a significant impact on the project but a low probability of occurring. However, if the risk event were to happen, it would cause a delay of three weeks and introduce new risks into the project.
To address this situation, the project manager should add the identified risk to the risk register (option B). The risk register is a document that lists all identified project risks, including their likelihood of occurrence, potential impact, and the strategies and actions to manage them.
By adding the identified risk to the risk register, the project manager ensures that the risk is documented and tracked throughout the project's lifecycle. The risk register is an essential tool for risk management, providing a comprehensive view of the project's risks and their current status.
Option A, adding the risk to a quality control management control chart, is not appropriate for addressing project risks. Quality control management control charts are used to track the quality of deliverables or processes, not project risks.
Option C, adding the identified risk to the issues log, is not appropriate either. The issues log is used to track and manage problems that have already occurred in the project, whereas the risk register is used to manage potential risks that could occur in the future.
Option D, adding the identified risk to the low-level risk watchlist, is not appropriate because this risk has a significant impact on the project, which makes it a high-level risk that should be managed and tracked in the risk register.
In summary, the project manager should add the identified risk to the risk register to ensure that it is documented, tracked, and managed throughout the project's lifecycle.