1. “Identify Risks” step of the risk management process identifies both knowable
ID: 396660 • Letter: 1
Question
1. “Identify Risks” step of the risk management process identifies both knowable and unknowable risks. True or False
2. It may take great deal of time, staff, and money to do risk management plan for a project. Hence, management must decide its cost and benefits and scope (scale) up front. True or False
3. Lately, the top management’s attitude towards Project Manager Rick Scott’s ongoing Millennium Battery Development Project was souring and this created potential for severe funding and staff restrictions. This is an example of individual activity project risk. True or False.
Explanation / Answer
1. False. An unknowable risk cannot be forseen or predicted. It can be contingent and depends on numerous factors.
2. True. Risk management is an expensive affair but it is necessary and has to be done without any compromise on quality.
3.True. This project can either be a success or a failure. However, Murphy's Law states that,"Anything that can go wrong will go wrong". So it is a waste of resources and funds.
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