An organization faces immense competition in the market and decides to accelerate a key project. What is the first action for the project risk manager to take?

Question

Options

• AUpdate the risk register
• BMeet with the project's stakeholders
• CRevise the risk management plan
• DEnsure sufficient resources are available

• A
  8% (3)
• B
  3% (1)
• C
  73% (27)
• D
  16% (6)

Explanation

When a project is significantly changed-in this case, accelerated due to competitive pressure-the risk management plan must be revised first. The risk management plan is the governing document that defines risk methodology, roles, thresholds, and processes. Accelerating the project changes the risk landscape (compressed schedule increases risks), so the plan must be updated before any other risk activities. Updating the risk register (A) and meeting stakeholders (B) are subsequent activities that follow from a revised plan. Ensuring resources (D) is an operational response that depends on understanding what the revised plan requires.

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