CompTIA Project+ (PK0-005)Project Management ConceptsMedium
A project manager is facilitating a brainstorming session to identify potential risks for a new software launch. The team generates a long list of possible events that could negatively impact the project. What is the NEXT logical step in the risk management process after identifying risks?
- ADevelop risk response plans.
- BImplement risk mitigation strategies.
- CMonitor and control risks.
- DPerform qualitative risk analysis.
Show answer & explanationAnswer & explanation
Correct answer: D. Perform qualitative risk analysis.
After identifying risks, the next logical step in the risk management process is to perform qualitative risk analysis. This involves prioritizing identified risks based on their probability of occurrence and impact, allowing the project team to focus on the most significant risks.
Why the other options are wrong
- A. Developing risk response plans comes after analyzing and prioritizing risks.
- B. Implementing risk mitigation strategies is part of executing risk responses, which occurs later.
- C. Monitoring and controlling risks is an ongoing process that occurs throughout the project lifecycle, after initial planning and analysis.
Qualitative Risk Analysis
The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
- Uses subjective methods like interviews, workshops, and probability/impact matrices.
- Helps categorize risks and determine which require quantitative analysis or immediate responses.
- Performed after risk identification.
Memory trick: Identify, Analyze, Respond, Monitor – Risk's clear path.