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What should the project manager do with the risk event?

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?

Why would the risk response planning cause Tom the need to update the cost and schedule baselines?

Tom is the project manager for his organization. In his project he has recently finished the
risk response planning. He tells his manager that he will now need to update the cost and
schedule baselines. Why would the risk response planning cause Tom the need to update
the cost and schedule baselines?


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