You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?
You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?
When identifying and documenting risks in a project, it is essential to acknowledge all potential risks, even those that are small or have a low impact. These low-impact and low-probability risks should not be dismissed outright as they still require tracking. The most appropriate approach is to add these identified risks to a low priority risk watch list. This ensures that they are recognized and can be periodically reviewed to check if their status changes. This approach facilitates proper risk management without allocating unnecessary resources to minimal risks.
I will go with B Document and Monitor: Document: Record these small risks in your risk register or risk log. Even if they are minor, keeping a record ensures they are acknowledged and can be tracked. Monitor: Regularly review these risks to see if there are any changes in their likelihood or impact. Monitoring helps in ensuring that small risks do not escalate into bigger issues. Accept and Tolerate: Acceptance: Sometimes, the best course of action is to accept the risk and do nothing beyond documenting and monitoring it. This is usually done when the cost of mitigating the risk is higher than the potential impact. Tolerance: Define the tolerance level for these risks. This involves setting thresholds for when a risk might need to be revisited if conditions change.
This doesn't actually say in black & white that the risk is both "low priority AND low risk". Only there risks can be added to a watchlist. As such I agree the answer is B
The answer will be B, when you accept the risk. The risk is monitored on a periodic basis. First, you accept the risk, then you monitor it