Risk Management

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shaibajit
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Risk Management

Postby shaibajit Mon Nov 27, 2017 5:52 pm

A Project Manager working on a construction project identifies the risk of a heavy storm in the coming months that might affect the construction activity. However, there is no reliable information on the weather forecast or the severity of the storm. In this case, what is the BEST that the Project Manager can do?

A Capture the risk in the Risk Register

B Ignore the risk as nothing can be done to avoid it

C Actively accept the risk and allocate time and cost reserve in contingency fund

D Proceed with Risk Response Strategy to counter the risk

Correct ans given is C. But to me it seems to be a case of "Watchlist" since there is no reliable info.
manishpn
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Re: Risk Management

Postby manishpn Wed Nov 29, 2017 8:48 pm

watch list is usually for low priority low impact

heavy storm as risk cannot be put on watchlist
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/
Prembalaji
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Re: Risk Management

Postby Prembalaji Thu Nov 30, 2017 1:07 am

Here are my views on the question based on the keywords :

"project identifies the risk of a heavy storm in the coming months" which means its a KNOWN Risk
"there is no reliable information on the weather forecast or the severity of the storm" - UNKNOWN impact

KNOWN - UNKNOWN's - Risk response is to have a Contingency Plan

Hence the answer could be - Actively accept the risk and allocate time and cost reserve in contingency fund

Experts please validate my rationale .
Cheers,
PJ
manishpn
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Re: Risk Management

Postby manishpn Thu Nov 30, 2017 10:11 pm

yes thats correct has to be option C
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/

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