During the execution of a multi-million dollar project, the project manager learns of the theft of important installation materials at one of the most time-critical sites.
The project manager contacts the risk manager to discuss further steps, based on the risk register and the defined risk strategy for the risk of theft. However, the risk manager clarifies that the risk of theft was not identified in the risk management process.
What should the project manager do next?
The project manager should first deal with the current issue by addressing the immediate impact of the missing materials on the project. This includes managing the issue at hand and ensuring that the risk of theft is documented for future reference. Instructing the risk manager to include the risk of theft in the issue log helps to ensure that this risk is monitored and managed properly moving forward, preventing similar occurrences in the future. Updating the risk register and capturing lessons learned are important steps, but the immediate concern is to deal with the current theft and mitigate its impact on the project timeline and deliverables.
the key is "include the risk of theft in the issue log." we do not include risk of theft to issue log, but to the risk register.
Agree!
I see how identifying this risk and implementing a response plan (insurance) might help the project in the future, but I am not sure how this helps the project manager deal with the current issue of theft
Deal with the issue also means to transfer the risk to another company, but it is open to interpretation, assessment, analysis, etc. Additionally, including the risk in the issue log is necessary step to be done, as instruct the Risk Manager about theft for future projects.
(C) choice is a good long-term solution, but it is not the first step. The project manager should first deal with the issue of the missing materials.