The project manager can use the lowest level of the risk breakdown structure (RBS) to create
which of the following documents?
A.
Risk register
B.
Risk checklist
C.
Probability and impact matrix
D.
Risk budget
Explanation:
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The RBS will prove extremely valuable to better grasp when a project needs to receive special scrutiny, in other words, when risk might happen. The RBS can also help the project manager and the risk manager to better understand recurring risks and concentrations of risk that could lead to issues that affect the status of the project.
Following the concept of the Work Breakdown Structure (WBS), the Risk Breakdown Structure provides a means for the project manager and risk manager to structure the risks being addressed or tracked. Just as PMI defines the Work Breakdown Structure as a “deliverable-oriented grouping of project elements that organizes and defines the total work scope of the project…” the RBS could be considered as a “hierarchically organized depiction of the identified project risks arranged by risk category.”
In project management language, risks include anything unplanned and unforeseen that can have a negative impact on the project’s costs, timing or quality. A good project manager should be able to manage the risks effectively and get the project on track.
Many project managers and risk managers currently use “home-grown” methods for listing, identifying, assessing, and tracking risks in their projects. These methods include: spreadsheets, listing, generic risk taxonomy, based somewhat loosely on various standards and guidelines. [3] [4] [5]
An approach that simply places the risks in a list, a simple table, or even in a database does not provide the strength of using a structured, organized method similar to a Work Breakdown Structure. To fully understand the risks and better identify and assess the risk, a “deep-dive” into each risk, recording as many levels of identification as necessary, may be required. The project value of placing risks in a structure such as this lies in the ability of the project manager and risk manager to then quickly and easily identify and assess the risk, identify the potential risk triggers, and develop a more robust risk response plan .[6] If all risks are placed in a hierarchical structure as they are identified, and the structure is organized by source, the total risk exposure to the project can be more easily understood, and planning for the risk more easily accomplished.
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