V-3 10.38.2 Risk Analysis and Management – (…)Risk management is an ongoing activity. Continuous consultation and communication with stakeholders helps to both identify new risks and to monitor identified risks.
Risk Communication is not found in either BABOK V-2 or V-3
The correct answer is:
C. Risk communication
Risk Communication involves coordinating and collaborating with stakeholders, team members, and other credible sources to share information about risks. Its purpose is to ensure that everyone involved understands potential risks, their impacts, and the strategies for managing them. This process fosters transparency and helps in making informed decisions throughout the project lifecycle.
Why the Other Options Are Incorrect:
A. Risk Identification:
• This process involves determining which risks might affect a project and documenting their characteristics. While it may involve some collaboration, its primary focus is identifying risks, not ongoing communication.
B. Risk Management:
• This is the overarching process of identifying, assessing, and controlling risks. It includes multiple phases, including risk communication, but it’s broader and not limited to collaboration alone.
Risk identification is correct because of following 2 reasons:
(1) Risk Identification is a term specifically used in BABOK v3 10.38.3.1 and involves combination of expert judgment, stakeholder input (in form of collaboration), experimentation, past experiences, and historic analysis.
(2) As per BABOK v3 10.38.2, continuous and communication with stakeholders helps both identify new risk (i.e., Risk Identification) and to monitor identified risks.
10.38.3 Elements
.1 Risk Identification
Risks are discovered and identified through a combination of expert judgment,
stakeholder input, experimentation, past experiences, and historical analysis of
similar initiatives and situations. The goal is to identify a comprehensive set of
relevant risks and to minimize the unknowns. Risk identification is an ongoing
activity.
Risk Analysis and Management Techniques
329
Risk management is an ongoing activity. Continuous consultation and
communication with stakeholders helps to both identify new risks and to monitor
identified risks, correct answer is B. Check 10.38.2
Risk communication refers to the real-time exchange of information, advice and opinions between experts, officials and people who face a threat to their wellbeing, to enable informed decision-making and to adopt protective behaviors
some of these questions don't appear in babok and is a normal thing. for example, some questions came from PMP, i
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