CompTIA Project+ (PK0-005)Project Life Cycle PhasesMedium
A project manager is facilitating a meeting where the team is brainstorming potential risks for a new product launch. They are documenting each identified risk, its potential cause, and its possible impact. Which project management process is being performed?
- APlan Risk Responses
- BMonitor Risks
- CIdentify Risks
- DPerform Quantitative Risk Analysis
Show answer & explanationAnswer & explanation
Correct answer: C. Identify Risks
Identifying risks involves determining which risks might affect the project and documenting their characteristics, including potential causes and impacts.
Why the other options are wrong
- A. Plan Risk Responses is the process of developing options and actions to enhance opportunities and reduce threats to project objectives.
- B. Monitor Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness.
- D. Perform Quantitative Risk Analysis numerically analyzes the effect of identified risks on overall project objectives.
Identify Risks
The process of determining which risks might affect the project and documenting their characteristics.
- Done early in the project lifecycle, typically planning phase.
- Involves team and stakeholder input.
- Outputs include the Risk Register.
Memory trick: IPQRP: Identify, Plan, Quantify, Respond, Plan.