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While holding a risk reassessment meeting the sponsor is looking at the latest list of top risks in the project report, a new risk has been identified and it has been determined that the risk did not rank higher than the already identified to continue through the risk identification process. Two fallback plans have been adjusted based on the severity of previous risk impacts. What has the project manager NOT done?
a) Provide the sponsor with the full risk of non critical tasks
b) Perform quantitative risk analysis for the new risk
c) Look at the impact of the new risk to the project as a whole
d) Look for contingency risks from the fallback plan
The correct answer is C.
The sponsor is not required to see noncritical risks (choice A), but should see the residual ones. Perform Quantitative Risk Analysis (choice B) would not need to be done if the risk was rated low in Perform Qualitative Risk Analysis. Contingency risks are a made up term, making choice D not correct. What the project manager neglected to do was to look at the impact of the risk.
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