Risk Question

Submitted by philzs on Fri, 04/10/2015 - 13:12

I got a question that said..

 

You understand the importance of identifying and document project risks. In this context, which of the following statement is true.

1 - Risk identification occurs in planning

2 - risk identification occurs during M&C

3 - Risk identification occur during Exec

4 - Risk identification occurs during different stage depending on the type of project

 

Ans : 1

 

I was wondering, I think I got other similar question and the answer was

* You identify risk as soon the project start

or

* You identify risk throughout the project life cycle

 

I guess that the answer of the question above is "planning" as the "context" is Documenting project risk is at the begining, but in fact you identify risk as soon the project start and throughout the lifecycle

 

is that a good understanding ?

 

thanks

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coolpmp69

Fri, 04/10/2015 - 17:53

Let's review each option

1 - Risk identification occurs in planning : Risk Planning falls under planning phase. Majority of risks are identified and documented here. That's why you have risk register as an output.

2 - risk identification occurs during M&C : Risk re-assessment is done if risk response are valid and desirable results are being acheived. Any new risk/secondary risks are noted and again response are planned for those risks.

3 - Risk identification occur during Exec : No much risk identification happens here. Project team is just busy completing the tasks.

4 - Risk identification occurs during different stage depending on the type of project : The first part of this sentence is true but the last i.e. "type of project" is misleading. I think irrespective of project type, in planning most/all the risks are identified.

so based on my above comments , the correct answer should be 1 - Risk identification occurs in planning.

coolpmp69

Fri, 04/10/2015 - 17:55

Yes your understanding is correct -
you identify risk as soon the project start and throughout the lifecycle

philzs

Sat, 04/11/2015 - 17:38

thanks

jyotig

Mon, 04/13/2015 - 09:28

Hi

Sharing a very good  link which can answer the following questions

 
• How do we identify Risk? 
• Is the risk source and risk category are both the same thing or different or same? And if they are different then what is the difference?
 
• When do we start Risk Identification at the planning stage or at an initiating stage?
 

https://www.youtube.com/watch?feature=player_embedded&v=4pfFgnqNoU4

Thanks

dipti1pmp

Mon, 04/13/2015 - 11:54

also remember that risk management KA includes process in planning and m&c

 

JefV6

Wed, 04/15/2015 - 17:58

 

Hi Philz,

the correct answer is:

1. Risk identification occurs in planning

identify risk as soon the project start and throughout the lifecycle- this could have been the most correct answer but option1 is the next best thing.