A project manager is assigned to a project. There was a lot of conflict regarding the status of the project and compliance with international regulations. During a regular meeting, the sponsor wanted to know how frequently the risks are being reviewed.
Which document project manager should check first?
The risk management plan is the document that outlines how risk management activities will be conducted, including the frequency of risk reviews. It provides detailed instructions on risk identification, analysis, response planning, and monitoring and controlling processes. This ensures the project manager understands the established procedures for managing risks and can accurately convey this information to the sponsor.
The risk management plam outlines how risks are analysed, including the frequency
They key word is "How"
Ans A. As per definition, Risk register is just a record of all risks, mitigation strategies etc. But Risk management plan is the document which defines how and frequency of communication etc. But in reality, anybody would refer to Risk register.
By referring to the Risk Register, the project manager can accurately convey to the sponsor the frequency of risk assessments and reviews for the project, ensuring effective risk management practices in line with PMBOK principles.
Risk Management plan details the approach of handling risk, risk register is the place its updated, analyzed and actioned.
Sorry its A. Process for identifying, analyzing, responding to, and monitoring risks are part of risk management plan. Risk register only shows the current state not the frequency. Any thougts?
A. Risk management plan The risk management plan includes information on how often risks should be reviewed, along with methodologies, roles, and responsibilities.
Risk management plan should include everything you need.
A risk management plan defines how your project's risk management process will be executed. That includes the budget, tools and approaches that will be used to perform risk identification, assessment, mitigation and monitoring activities.
A. Risk mgmt pan
In this situation, where the project sponsor wants to know how frequently the risks are being reviewed, the project manager should check the Risk Management Plan (Option A) first. This document outlines how risk management processes will be conducted throughout the project, including the frequency of risk reviews. The Risk Management Plan provides the framework and guidelines for all risk-related activities, making it the appropriate first reference in this scenario.
Risk register contains risks.