During a monthly meeting of the organization’s project managers with the head of the project management office, he discussed with them the importance of updating risk policies and procedures using lessons learned from projects and the results of risk audits. Why is it necessary to update risk management policies and procedures?

During the execution of a project, a risk that had been passively accepted occurs and the team needs to deal with it. From then on, the project manager is afraid that some other passively accepted threats may have a greater negative impact than previously identified. What should the project manager do?

The design of a new probe, developed by the company’s laboratory, experienced many questions and changes. The Cost Performance Index is currently 0.87 and the Term Performance Index is 0.85. The risk could have been better managed at the beginning of the project, but the project manager did not see it as a priority. What should the project manager do now?

A project by the national climate institute aims to determine the impact of climate change in the country’s marshy region. An initial study determined the possibility of a month delay in the project due to the flooding of haul roads. However, a recent assessment shows a significant reduction in delay due to new works being carried out on the roads. What is the first action the project manager should take because of this change in delay time?

A Project Manager overhears a conversation in the company cafeteria where it is said that possible union action will take place in the next two weeks. The Project Manager knows that any union action will affect the project team and, at this stage of the project, any delay in the project will cause substantial damage to both the budget and the schedule. Previously, the likelihood of union action was considered minimal. What should the Project Manager do?

A company maintains a base of lessons learned from past projects, which is heavily used by current project managers and leads to improvement in the organization’s project management process. The manager of a project at this company is proceeding with project closure. What should the project manager update?

The manager of a large project has identified a risk that the customer may reject a deliverable because the team member working on that deliverable has previously delivered poor quality deliverables. The team decided to replace the team member with another one. The new team member strictly follows the quality standards, however, there is a fear that the new team member may resign and join another company. How should the team member’s risk of termination be ranked?

Employees of a given organization usually go on strike in the same month of each year. Knowing this, a project manager working with them does his risk response planning and resolves to actively accept it, acknowledging the existence of the risk and not acting unless the risk occurs. If this risk occurs, what should the project manager do?

The sponsor of a project to build a cycle path finds it necessary to maintain a management reserve. How should the project manager use this management reserve?

A project manager is working on the development of a major new product when a risk occurs that is not listed in the risk register. Which of the alternatives is the best regarding what the project manager should do?