Questionnaire 06 – Monitor and Close Risks

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 it was not classified as a priority. What should be done now?

A project aims to determine the impact of climate change on the country’s marshland region. An initial study estimated that the project would be delayed by one month if certain roads were to become flooded. However, a recent assessment shows that the projected delay time has been significantly reduced due to new roadworks being carried out. What is the first action that the project manager should take given 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?

An organization maintains a database of lessons learned from past projects, which is widely used by risk managers and leads to improvements in the organization’s risk management process. Based on this, when proceeding with the closure of a project, what should be updated?

In the middle of a software development project, the most experienced programmer quits, leaving only two programmers. The previously planned response to this risk is to get a programmer from another project manager, who the project manager does not know well. What is the best way to handle this situation?

Employees of a given organization tend to go on strike in the same month each year. Knowing this, the risk manager of a project that works with them makes his risk response plan and decides to actively accept it, acknowledging the existence of the risk and not taking action unless the risk occurs. If this risk occurs, what should be triggered?

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?