You are the project manager for your organization. You are working with your key stakeholders in the qualitative risk analysis process. You understand that there is certain bias towards the risk events in the project that you need to address, manage, and ideally reduce. What solution does the PMBOK recommend to reduce the influence of bias during qualitative risk analysis?
A.
Involve all stakeholders to vote on the probability and impact of the risk events
B.
Isolate the stakeholders by project phases to determine their risk bias
C.
Establish the definitions of the levels of probability and impact
D.
Provide iterations of risk analysis for true reflection of a risk probability and impact
Explanation:
The PMBOK recommends establishing definitions of the levels of probability and impact to reduce the influence of bias. Successful risk assessment needs explicit identification and management of the risk attitudes of key participants in qualitative risk analysis process. Here the risk attitudes bring up biasing into the assessment of identified risks. Attention should be paid towards evaluating the bias in the risk events and correcting the assessment accordingly.
Answer option A is incorrect. This is not a valid answer for thisAnswer option
D is incorrect. Risk identification should move through iterations, when new risks are identified qualitative analysis is often needed.
Answer option B is incorrect. Isolating the stakeholders by their involvement in the project does not necessarily reduce or address their bias towards the project risk. Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth Edition"