You are managing a software development project when a team member alerts you to a potential risk: a new regulatory change could require significant alterations to your project's deliverables. What is the most appropriate action to take regarding this information?
Record the risk in the risk register along with potential responses
Do not address the risk at this moment
Modify the project scope to include the regulatory change
The most appropriate action is to record the risk in the risk register along with potential responses. A risk register is a key tool in project management that allows you to document potential risks, assess their impact and likelihood, and plan appropriate responses. By recording the risk, you ensure that it is acknowledged and can be monitored throughout the project. Choosing not to address the risk at this moment ignores the potential impact and leaves the project unprepared if the risk occurs. Modifying the project scope immediately is premature without assessing the risk's probability and potential consequences. Informing the project sponsor without first analyzing the risk may lead to unnecessary alarm or misguided decisions. Proper risk management protocols involve documenting and analyzing the risk before escalating or taking action.
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Project Management Fundamentals and Core Concepts
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