The project manager reviews project risks with the risk manager to update, monitor, and close risks in the risk register. The project manager determines one of the risks has a residual risk. How…

Question

Options

• AUtilize change management tools to request a budget increase from the project sponsor and
• BChange the risk identification and description on the risk register to reflect the fact that the residual
• CClose the risk's status on the risk register since the residual risk has now materialized.
• DReview the impact of the residual risk against the budget reserves and document the update in the

• A
  11% (2)
• B
  6% (1)
• C
  6% (1)
• D
  78% (14)

Explanation

Residual risks are the risks that remain after a risk response has been implemented. The correct approach is to review the impact of the residual risk against the budget reserves (contingency or management reserves) and document this update in the risk register. Requesting a budget increase via change management (A) is premature - reserves exist specifically for residual risks. Changing the risk identification or description (B) is incorrect; residual risks are separate entries or noted alongside the original risk. Closing the risk's status (C) is wrong because a residual risk still exists and requires monitoring. Documenting the residual risk's impact against reserves (D) maintains accurate records and ensures appropriate financial coverage.

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