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PMI-RMP · Question #324

At the completion of a small project, the risk manager performs a risk audit and finds that several identified risks had occurred, and the impact was significantly larger than expected. While the proj

The correct answer is C. Document the risk audit report and capture it in the lessons learned database.. When identified risks occurred with larger-than-expected impact, the appropriate process improvement recommendation for future projects is to formally document the risk audit findings in the lessons learned database.

Risk Monitoring and Reporting

Question

At the completion of a small project, the risk manager performs a risk audit and finds that several identified risks had occurred, and the impact was significantly larger than expected. While the project remained on schedule, the project budget increased by 50%. The project met all risk response milestones and no additional, previously unidentified risks, occurred on the project. Based on this information, what risk management process improvement should the risk manager recommend for future similar projects?

Options

  • AIncrease frequency of risk management meetings with the project manager.
  • BRevise the level of accuracy of probability and impact scores.
  • CDocument the risk audit report and capture it in the lessons learned database.
  • DExpand the use of risk identification techniques.

How the community answered

(34 responses)
  • A
    3% (1)
  • B
    9% (3)
  • C
    76% (26)
  • D
    12% (4)

Why each option

When identified risks occurred with larger-than-expected impact, the appropriate process improvement recommendation for future projects is to formally document the risk audit findings in the lessons learned database.

AIncrease frequency of risk management meetings with the project manager.

Increasing the frequency of risk management meetings addresses communication cadence but does not correct the root issue of inaccurate impact scoring that caused the budget overrun.

BRevise the level of accuracy of probability and impact scores.

While revising probability and impact accuracy may seem logical, the actionable process improvement that benefits future projects is capturing the audit findings formally in lessons learned, not adjusting scores in isolation without preserved context.

CDocument the risk audit report and capture it in the lessons learned database.Correct

Documenting the risk audit report and capturing it in the lessons learned database converts the finding - that impact scores were underestimated - into an organizational process asset available to future project teams, which is the standard PMI mechanism for institutionalizing process improvements across projects.

DExpand the use of risk identification techniques.

Expanding risk identification techniques addresses finding more risks, but the problem was inaccurate impact scoring on already-identified risks, not a failure to identify sufficient risks.

Concept tested: Risk audit findings and lessons learned process improvement

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

Topics

#Risk Audit#Lessons Learned#Process Improvement#Risk Monitoring and Control

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