A project team is concerned about a risk which, if occurs, might add additional complexity to their work. The team will need help from an external vendor, but the contracting process is long. What…

Question

Options

• ADocument the risk in the risk register for analysis.
• BDocument the detailed risk consequences,
• CImmediately start the contracting process.
• DProceed with the quantitative risk analysis.

• A
  90% (19)
• B
  5% (1)
• C
  5% (1)

Explanation

When a risk is identified, the first formal step in the risk management process is to document it in the risk register. The risk register is the central repository for all identified risks and serves as the foundation for subsequent analysis and response planning. Starting the contracting process immediately (C) would be premature and could waste resources before the risk is properly analyzed. Documenting detailed consequences (B) and performing quantitative analysis (D) are later steps that depend on the risk first being formally recorded. By logging the risk first, the team can then analyze it, plan a timely response - including initiating the lengthy contracting process if the risk analysis warrants it - without skipping critical steps.

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