The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?
A.
Recommend the removal of risks to the project manager to reduce project risk exposure.
B.
Advise the client that the project has exhausted contingency.
C.
Quantify the risk exposure that exceeds project contingency.
D.
Generate reports to assess and communicate the project risk level.
The project risk manager should generate reports to assess and communicate the project risk level to stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks effectively.
The project risk manager should quantify the risk exposure that exceeds project contingency, as this will help to determine the amount of management reserve needed to cover the potential cost overruns or schedule delays. The project risk manager should also communicate this information to the project manager and other relevant stakeholders, and update the risk management plan accordingly. References: The Standard for Risk Management in Portfolios, Programs, and Projects, page 80; PMBOK Guide, 6th edition, page 407.
Contribute your Thoughts:
Chosen Answer:
This is a voting comment (?). You can switch to a simple comment. It is better to Upvote an existing comment if you don't have anything to add.
Submit