A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it’ll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event?

A.
Add the identified risk to the risk register.

B.
Add the identified risk to the low-level risk watchlist.

C.
Add the identified risk to a quality control management control chart.

D.
Add the identified risk to the issues log.

Explanation:

All identified risks, their characteristics, responses, and their status should be added and monitored as part of the risk register. Risk register is a document that contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. Description, category, cause, probability of occurring, impact on objectives, proposed responses, owner, and the current status of all identified risks are put in the risk register.
Answer option B is incorrect. Risks that have a low probability and a low impact may go on the low-level risk watchlist.
Answer option D is incorrect. This is a risk event and should be recorded in the risk register. Answer option C is incorrect. Control charts are not where risk events are recorded. Reference: Chapter 11. A Guide to the Project Management Body of Knowledge, (PMBOK Guide), Fourth Edition, ISBN.9781933890517, Section 11.2.3.1.