Risk_Response

[mad...@gmail.com]

Your project team has identified a major project risk. After talking to Project management office, they determine that a reserve on the project is not necessary. What is the next step: 

A - List the time or cost overrun expected on the project in your project management plan. 
B - Develop risk transference strategies 
C - Create a risk response plan that include the risk 
D - Ignore the risk until it happen

Am for C, but not sure about it!

Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives (Figures 11-17 and 11-18). It follows the Perform Qualitative Risk Analysis process and the Perform Quantitative Risk Analysis process (if used). It includes the identifi cation and assignment of one person (the “risk response owner”) to take responsibility for each agreed-to and funded risk response. Plan

Risk Responses addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed. Planned risk responses must be appropriate to the signifi cance of the risk, cost effective in meeting the challenge, realistic within the project context, agreed upon by all parties involved, and owned by a responsible person. They must also be timely. Selecting the best risk response from several options is often required.

[Ramandeep Chahal]

I agree with your answer (C) is the best option.

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Regards,
Ramandeep S. Chahal

[SAJU UNNIYATTIL]

Actually all options are not sounding absolute - as per the PMi-ism - we should be going for the best response - that is "C"  - the question could be - what is the best solution as the next step among the following

Saju Unniyattil
Mobile: +91 09496767688