CompTIA Project+ (PK0-005)Project Management ConceptsHard
A project manager is conducting a qualitative risk analysis for a new software development project. During a brainstorming session, the team identifies a potential risk: 'New API integration might have unforeseen compatibility issues'. The team assesses the probability as 'Medium' and the impact as 'High'. What is the NEXT logical step the project manager should take based on this qualitative assessment?
- AIgnore the risk as it's not yet quantifiable.
- BUpdate the risk register with the identified risk and its assessment.
- CImmediately implement a risk response strategy.
- DCalculate the Expected Monetary Value (EMV) of the risk.
Show answer & explanationAnswer & explanation
Correct answer: B. Update the risk register with the identified risk and its assessment.
After identifying and qualitatively assessing a risk, the next logical step is to formally document it in the risk register. This ensures it's tracked, communicated, and available for further analysis and response planning.
Why the other options are wrong
- A. Ignoring the risk is never a good practice, especially after assessing it as 'Medium' probability and 'High' impact.
- C. Implementing a response strategy (planning risk responses) comes after documenting and often further analyzing the risk.
- D. Calculating EMV (quantitative risk analysis) is a subsequent step, not the immediate next step after qualitative assessment.
Qualitative Risk Analysis Output
The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
- Outputs include updated risk register and risk report.
- Helps to focus attention on high-priority risks.
- Often uses probability and impact matrix for assessment.
Memory trick: Identifying, Analyzing, Responding, Monitoring: The Risk Journey.