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? 

Answer options:

A. Add the identified risk to a quality control management chart.
B. Add the identified risk to the issues log.
C. Add the identified risk to the risk register.
D. Add the identified risk to the low-level risk watch-list.

C

All identified risks, their characteristics, responses, and their status should be added and monitored as part of the risk register. A risk register is an inventory of risks and exposure associated with those risks. Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks. Typically a risk register contains: ✑ A description of the risk ✑ The impact should this event actually occur ✑ The probability of its occurrence ✑ Risk Score (the multiplication of Probability and Impact) ✑ A summary of the planned response should the event occur ✑ A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) ✑ Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved. Incorrect Answers: A: Control management charts are not the place where risk events are recorded. B: This is a risk event and should be recorded in the risk register. D: Risks that have a low probability and a low impact may go on the low-level risk watch-list.