A project manager is discussing risk management with the team. Which of the following statements best reflects an iterative approach to assessing and prioritizing risks?
Risks should be thoroughly assessed during the project planning phase and then reviewed at each major milestone.
The team should conduct a comprehensive risk assessment at the beginning of the project and then monitor for risk events throughout the project.
Risks should be continuously assessed and prioritized, with the risk register updated regularly to reflect changes in the project environment.
The team should assess and prioritize risks whenever a potential risk event is identified, focusing on addressing each risk individually.
In an iterative approach, risks are continuously assessed and prioritized throughout the project lifecycle. This allows the team to adapt to changing project circumstances, identify new risks as they emerge, and ensure that the most significant risks are addressed first. The other options are incorrect because they focus on specific time points or triggers for risk assessment, rather than a continuous process. While risks should be thoroughly assessed at the beginning of the project, limiting risk assessment to the planning phase may lead to overlooking risks that emerge later. Similarly, reviewing risks only at predefined milestones or when risk events occur may result in a reactive rather than proactive approach to risk management.
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What is a risk register and why is it important in project management?
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