During project planning, a risk is identified for which the risk manager has defined a mitigation strategy. Later during project execution, this risk still leaves substantial residual risk. What shoul

Question

Options

• ARevisit this risk in the risk register and redefine the mitigation strategy.
• BActivate the contingency plan to handle this risk during execution.
• CMark this new risk as an extremely high priority and inform all stakeholders.
• DAsk the project sponsor for more budget to deal with this risk.

• A
  2% (1)
• B
  10% (5)
• C
  84% (42)
• D
  4% (2)

Explanation

Residual risk is the remaining risk after a mitigation strategy has been applied. When residual risk is 'substantial,' it means the original mitigation was insufficient, and the remaining exposure is significant enough to require fresh attention. The correct response is to treat this substantial residual risk as a high-priority item and inform all stakeholders (C), ensuring transparency and enabling appropriate decision-making. Option A (redefining mitigation) may eventually be necessary but does not account for immediate stakeholder communication. Option B (activating a contingency plan) would be appropriate if a contingency was pre-defined specifically for this residual risk - but the scenario does not indicate one exists. Option D (requesting more budget) is premature without first communicating the situation and assessing all options.

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