To increase its presence and promote its products and services in new markets, a company begins to implement its new business strategy. The company's CEO endorses a new program to promote and support this strategy. However, before the program is formally initiated, this strategy must be aligned with the organization's strategic goals and objectives.
What should the program manager develop first?
The program manager should first develop the Program Risk Management Plan. This plan is essential as it outlines how to manage risks associated with the new program. Aligning the program with strategic goals is crucial, and managing risks is a critical component of ensuring that alignment. The risk management plan will help identify potential risks, assess their impact, and define mitigation strategies, thereby supporting the program's successful implementation in line with the organization's objectives.
A is the right answer
A should be the right answer.
D. Program risk and issue governance forum. Establishing a Program Risk and Issue Governance Forum is a strategic initial step in this context. This forum would provide a structured approach for aligning the program with the organization's strategic objectives, and it would also serve as a platform for identifying, evaluating, and managing risks and issues that could impact the program's alignment with the business strategy. This governance structure is critical for ensuring that the program remains aligned with the company's strategic goals throughout its lifecycle, and it facilitates decision-making, communication, and coordination among key stakeholders.
A is the right answer.
I haven't heard any forum as "Program risk and issue governance forum" so I would single it out in this ground. Program Risk threshold could be part of the risk management plan if it is not defined in the organisation's strategic risk management plan. Therefore, I will go with B as it will cover program risk governance aspect.
A is correct