Risk Management Question 4

[Gary]

You have been appointed as the manager of a new, large and complex project. Because this project is business critical, and very visible, senior management has told you to analyze the project risks and prepare response strategies for them as soon as possible. The organization has risk management procedures that are seldom used or followed, and has had a history of handling risks badly. The project’s first milestone is in 2 weeks. In preparing the risk response plan, input from which of the following is generally LEAST important?

a) Project team members
b) Project sponsor
c) Individuals responsible for risk management policies and templates
d) Key stakeholders

[Gary]

The correct answer is B.

Team members (choice A) will have knowledge of the project and the product of the project and will thus have a lot to contribute to risk responses. Those responsible for risk templates (choice C) will be able to provide the templates from past projects (historical records) and therefore will be very important. Key stakeholders (choice D) will know more about the technical working of the project to help plan “What are we going to do about it?” so choice D is not likely to be the least important. The sponsor (choice B) may have the least knowledge of what will work to solve the problems. Sponsors need to be involved in the project and help identify risks. They may even approve the response plans created by others, but they would not generally be major contributors to response plans. This makes B the best choice.

[Author]

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