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Residual risk is the risk that remains after applying controls. But here in this stem no description of control is given, hence it cannot be concluded whether it is a residual risk or not. QUESTION: 185 A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event? A. Add the identified risk to a quality control management chart. B. Add the identified risk to the issues log. C. Add the identified risk to the low-level risk watch-list. D. Add the identified risk to the risk register. Answer: D Explanation: All identified risks, their characteristics, responses, and their status should be added and monitored as part of the risk register. A risk register is an inventory of risks and exposure associated with those risks. Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks. Typically a risk register contains: A description of the risk The impact should this event actually occur 123
The probability of its occurrence Risk Score (the multiplication of Probability and Impact) A summary of the planned response should the event occur A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved. Answer. C is incorrect. Risks that have a low probability and a low impact may go on the low-level risk watch-list. Answer. B is incorrect. This is a risk event and should be recorded in the risk register. Answer. A is incorrect. Control management charts are not the place where risk events are recorded. QUESTION: 186 You work as a project manager for BlueWell Inc. You are preparing for the risk identification process. You will need to involve several of the project's key stakeholders to help you identify and communicate the identified risk events. You will also need several documents to help you and the stakeholders identify the risk events. Which one of the following is NOT a document that will help you identify and communicate risks within the project? A. Activity duration estimates B. Activity cost estimates C. Risk register D. Stakeholder registers Answer: C Explanation: Risk register is not an input to risk identification, but it is an output of risk identification. Answer. B, A, and D are incorrect. These are an input to risk identification. Identify Risks is the process of determining which risks may affect the project. It also documents risks' characteristics. The Identify Risks process is part of the Project Risk Management knowledge area. As new risks may evolve or become known as the project progresses through its life cycle, Identify Risks is an iterative process. The process should involve the project team so that they can develop and maintain a