A risk manager and relevant stakeholders have completed a risk response plan for a project. They have identified and planned responses to the known risks; however, a risk owner has identified and repo

Question

Options

• ADevelop a residual risk management plan to manage the residual risks.
• BAnalyze, document, and communicate the residual risks to stakeholders.
• CRecord the residual risks in the watch list for future reference.
• DImplement the contingency plan when the residual risks occur.

• A
  14% (4)
• B
  79% (22)
• C
  4% (1)
• D
  4% (1)

Explanation

Residual risks are the risks that remain after the risk response plan has been implemented. They are the risks that are accepted by the project team and stakeholders as part of the project. Residual risks may have low probability or impact, but they still need to be monitored and controlled throughout the project. The first thing that the risk manager should do when a risk owner identifies and reports some residual risks is to analyze, document, and communicate them to the relevant stakeholders. The risk manager should assess the probability and impact of the residual risks, and determine if they require any further response or contingency plan. The risk manager should also update the risk register and the risk report with the information about the residual risks, and share them with the stakeholders who need to be aware of them. This will help the project team and stakeholders to be prepared for any potential occurrence of the residual risks, and to take appropriate actions if needed.

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