You are the project manager of the GHG project for your company. You have identified the project risks, completed qualitative and quantitative analysis, and created risk responses. You also need to…

The correct answer is C. Risk management plan. The Risk Management Plan defines how risk management activities will be structured and performed throughout the project. It includes: methodology, roles and responsibilities, budgeting, timing/frequency of risk reviews, risk categories, probability and impact definitions, risk…

Risk Strategy and Planning

Question

You are the project manager of the GHG project for your company. You have identified the project risks, completed qualitative and quantitative analysis, and created risk responses. You also need to document how and when risk audits will be performed in the project. Where will you define the frequency of risk audits?

Options

ARisk response plan
BQuality management plan
CRisk management plan
DSchedule management plan

How the community answered

(19 responses)

A
5% (1)
C
89% (17)
D
5% (1)

Explanation

The Risk Management Plan defines how risk management activities will be structured and performed throughout the project. It includes: methodology, roles and responsibilities, budgeting, timing/frequency of risk reviews, risk categories, probability and impact definitions, risk tolerances, reporting formats, and - critically - tracking procedures such as how and when risk audits will be conducted. Risk audits are a tool used in the Control Risks process, and their frequency and format are defined upfront in the Risk Management Plan, not in the risk response plan, quality management plan, or schedule management plan.

Topics

#Risk Management Plan#Risk Audits#Risk Monitoring#Planning

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