TOPIC: Risk Identification

Hi All,

Below is the question found online, needs a clarification.

As i understand the risk identification happens throughout the planning & again it happens in Control risks too. So i selected option 4. But the choice is 1.

Can someone clarify this.?

As a project manager, you understand the importance of identifying and documenting project risks. In this context, which of the following statements is true?


Choice 1 Risk identification occurs during the Planning of the project

Choice 2 Risk identification occurs during Monitoring and Controlling of the project

Choice 3 Risk identification occurs during Execution of the project

Choice 4 Risk identification occurs during different project stages depending on the type of the project


Correct Choice : 1

Justification :
Risk identification is done as part of the Planning Process Group.

Regards
Ram

Ram,

Can you please tell us where you found this question online? Please give a link to the page where you found it.

Hi Cornelius,

This was from PM Study.


Cheers,
Ram

Hi Ram:

Think of your previous projects...in the early planning stages the Risk Management Plan is created. This plan states how you will assess risk on a project, who is involved and how often risk will be assessed. The next logical step would be to identify the risks. You do this early in the project. If the known risks far outweigh the value of the project, the project may not proceed.

As your project progresses, risks may surface, go away, are realized or continue to be monitored. They need to be revisited often. For this reason, 1 is the correct answer. Risks are initially identified in the planning stages and then reassessed as the project progresses. Lastly, this occurs for all projects regardless of the 'type' of project. I have yet to come across a project that didn't pose some time of risk - large or small. In my projects, we use our weekly or daily stand up meetings to quickly assess risks.

Good luck with your studying.

Tracey