ABC Company carried out a similar project two years ago, in response to changes in health and safety legislation for the health service. The experiences from that project were used to refine the corporate risk management policy. For that reason, the project board decided to use the corporate risk management policy in the risk management approach for this project.
Is this appropriate, and why?
Using the updated corporate risk management policy is appropriate because it incorporates lessons learned from previous projects. This ensures the policy reflects improvements based on past experiences, making it more robust and effective for managing risks in the current project. While it is important to consider tailoring the approach to the specific context of the project, utilizing an improved and updated policy is a sound foundation.
C. No, because the risk management approach should be tailored to suit the project and its environment. Refer 3.7 If PRINCE2 is not tailored, it is unlikely that the project management effort and approach would be appropriate for the needs of the project.
The correct answer is B. Yes, because the corporate risk management policy was updated, as a result of lessons from previous projects. In PRINCE2, learning from experience is a fundamental principle. The corporate risk management policy was refined based on experiences from a similar project. Using this updated policy in the risk management approach for the current project is appropriate as it incorporates lessons learned from past experiences. However, it’s also important to tailor the approach to suit the specific context and environment of the current project
Option A is not the best choice because it doesn't explicitly mention that the corporate risk management policy was updated based on previous project experiences. While using past project experience is generally valuable, it's crucial that the policy has been refined and improved based on those experiences, as stated in option B.