A project manager is planning a new marketing campaign for a client with a tight deadline and a fixed budget. To proactively address potential issues that may hinder the project's success, which of the following should the project manager do first?
Schedule regular meetings with the project team to monitor progress.
Create a comprehensive list of possible risks and evaluate their impact and likelihood.
Develop a detailed project budget to manage expenses.
Assign tasks to team members based on their strengths and availability.
The project manager should create a comprehensive list of possible risks and evaluate their impact and likelihood. This initial risk assessment allows the project manager to identify potential obstacles and develop mitigation strategies to prevent or reduce their impact on the project. Assigning tasks, scheduling meetings, and developing a budget are important steps, but they do not specifically address the identification and analysis of risks.
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What are the common types of risks in project management?
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What is a risk assessment and why is it important?
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How can a project manager develop effective mitigation strategies?