Please select the best Answer
Bilal Siddiqui
A project
manager discovers that a project problem has occurred. The problem was never
discussed during
risk planning activities or added to the risk register, and it will now cost
the project money. What is the BEST
response?
A. Don’t take any action, just accept that there’s a problem that the team did
not plan for
B. Stop all project activity and approach senior management for advice
C. Add the risk to the risk register and gather information about its
probability and impact
D. Use the management reserve to cover the costs of the problem
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Bilal
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get global get specialized or get out
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Sujeet Kumar
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"Life is not divided into semesters. You dont get summers off and very few employers are interested in helping you find yourself. Do that on your time"
Bilal Siddiqui
Let others also try, then we can discuss.
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Bilal
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get global get specialized or get out
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Sowmya Swaminathan
Sowmya.
kumar prashant
C.
A risk is the risk for project either identified in the begining of the project or at later stage. We need to analyse all the best feasible possibility to adjust in the given time line and allotted money or have to invest more money to get it resolved.
Prashant
Balwant Singh
Regards, Balwant Singh
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Bilal
you didn’t plan for it. Now it’s going to cost you money. What do you do? Well, you can’t just
accept it and move on—that’s only something you do with risks that have no other option. You
have options with a problem that happens during your project. And you can’t just go to the boss,
because you’re the project manager and it’s your job to figure out what to do. There’s no use in
doing risk planning, because you already know the probability (100%) and impact (the cost of
fixing the problem). So what do you do?
That’s where your reserve comes in. There are two kinds of reserves: a contingency reserve and a
management reserve. The contingency reserve is what you use for “known unknowns”—you use it
to pay for risks that you’ve planned for. But this situation isn’t like that. That’s why you tap into the
management reserve. That’s the money in the budget you set aside for “unknown unknowns”—
problems that you didn’t plan for but which came up anyway
kumar prashant
I think C and D together should be the answer. Since this risk was not noticed before and now it is encountered hence need to be addressed and analyzed to minimize its effect or find some workaround. Costing to project should come in picture only after studying and calculating the probability.
Prashant