CGRC Question #139: Real Exam Question with Answer & Explanation

Question

You and your project team are just starting the risk identification activities for a project that is scheduled to last for 18 months. Your project team has already identified a long list of risks that need to be analyzed. How often should you and the project team do risk identification? Response:

Options

• AAt least once per month
• BIdentify risks is an iterative process.
• CIt depends on how many risks are initially identified.
• DSeveral times until the project moves into execution

Explanation

Risk identification is an ongoing and iterative process throughout the entire project lifecycle, not a one-time event or something done only until a certain phase. New risks can emerge, and existing risks can change at any time.

Common mistakes.

• A. While monthly reviews might be part of a risk management plan, stating 'at least once per month' doesn't capture the continuous, as-needed nature of identification.
• C. The number of initially identified risks does not determine the frequency of future identification; new risks can always arise regardless of the initial count.
• D. Risk identification is not limited to the planning phases before execution; it continues during execution and monitoring, as new risks appear.

Concept tested. Project Risk Management - Iterative Process

Reference. https://www.pmi.org/pmbok-guide-standards/foundational/pmbok

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