Question

During a monthly risk review on a predictive infrastructure project, the team has identified 27 new risks. The project manager has limited time before the next steering committee meeting and must decide which risks warrant detailed quantitative analysis and immediate response planning. What should the project manager do FIRST?

Accepted Answer

Conduct qualitative risk analysis to assess each risk's probability and impact and prioritize them using the probability-impact matrix

Answer

Perform quantitative risk analysis on all 27 risks to calculate their monetary impact before the meeting

Answer

Add all 27 risks to the contingency reserve calculation and inform the steering committee of the increased budget need

Answer

Assign risk owners to all 27 risks and ask each to develop a response plan before prioritization