Stephen is the project manager of the GBB project. He has worked with two subject matter experts and his project team to complete the risk assessment technique. There are approximately 47 risks that have a low probability and a low impact on the project. Which of the following answers best describes what Stephen should do with these risk events?
A. The low probability and low impact risks should be added to awatchlist for future monitoring.
B. Because they are low probability and low impact, the risks can be dismissed.
C. The low probability and low impact risks should be added to the risk register.
D. Because they are low probability and low impact, Stephen should accept the risks.
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Interesting….
Thought any kind of risk issues need to be registered into Risk Rigister.
any explanation ?
ALL Risks are entered in the Risk Register as part or ‘Identify Risk’ process.
However, post ‘Qualitative Risk Analysis’, based on probability & impact assessment, all low-probable and low-impact risks are moved to Watchlist for future monitoring.
The purpose is to focus attention on risk with higher probability and/or higher impact for Quantitative Risk Analysis and for Risk Response Planning.
However, risks under watchlist is reviewed during the monitoring and control phase of the project to check if any of the low risk categories (read: watchlist) need to be moved to risk register, if the revised probability or impact is higher.
By the way, “Risk Issue” is an oxymoron!!
Risk = probability or a chance of an even occurring
Issue = the event has occurred