Which of the following should a project manager do FIRST when a risk event occurs?

The correct answer is D. Quantify the risk to determine the probability and impact. When a risk event occurs, the project manager should first quantify the risk by determining its probability and impact. This assessment is necessary before any response can be appropriately selected or executed. Without understanding the severity, the project manager cannot…

Project management concepts

Question

Options

ACommunicate the risk in the next status report
BExecute the mitigation plan and record the event in the issue log
CUpdate the risk management plan
DQuantify the risk to determine the probability and impact

How the community answered

(43 responses)

A
5% (2)
B
14% (6)
C
7% (3)
D
74% (32)

Explanation

When a risk event occurs, the project manager should first quantify the risk by determining its probability and impact. This assessment is necessary before any response can be appropriately selected or executed. Without understanding the severity, the project manager cannot make informed decisions. Executing a mitigation plan (B) assumes one already exists and is appropriate; updating the risk management plan (C) and reporting in a status update (A) are subsequent steps that follow proper assessment of the event.

Topics

#risk management#risk event#probability and impact#risk quantification

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