A company is preparing a formal response to bid for an infrastructure engineering, procurement, and construction project. When should a risk register be developed to identify risks?

Question

Options

• ADuring the project execution phase to allow the project manager to understand the risk attitudes of
• BWhen a client project kick-off meeting is held to introduce risk assessment process to the client.
• CBefore a formal bid response is provided to the client to gain a greater understanding of the
• DAfter a project budget is set up with a purchase order to charge hours for a risk workshop.

• A
  3% (1)
• B
  11% (4)
• C
  80% (28)
• D
  6% (2)

Explanation

A risk register should be developed before submitting a formal bid response so the organization fully understands the risks it is committing to. Early risk identification allows the team to price contingency appropriately, set realistic expectations, and make an informed go/no-go decision. Waiting until execution (A) is too late to influence bid terms. A client kick-off meeting (B) occurs after the contract is awarded. Setting up a purchase order (D) is a financial step that also occurs post-award, far too late to inform the bid.

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