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added to the risk register, and it will now cost the project money. What is the BEST response? A. Stop all project activity and approach senior management for advice B. Add the risk to the risk register and gather information about its probability and impact C. Use the management reserve to cover the costs of the problem D. Don't take any action, just accept that there's a problem that the team did not plan for
Answer: CExplanation: This is a tough situation for any project manager. You've got a problem that's happened, and you didn't plan for it. Now it's going to cost you money. What do you do? Well, you can't just accept it and move on - that's only something you do with risks that have no other option. You have options with a problem that happens during your project. And you can't just go to the boss, because you're the project manager and it's your job to figure out what to do. There's no use in doing risk planning, because you already know the probability (100%) and impact (the cost of fixing the problem). So what do you do? That's where your reserve comes in. There are two kinds of reserves: a contingency reserve and a management reserve. The contingency reserve is what you use for "known unknowns" - you use it to pay for risks that you've planned for. But this situation isn't like that. That's why you tap into the management reserve. That's the money in the budget you set aside for "unknown unknowns" - problems that you didn't plan for but which came up anyway.
I would like to start with my basic understanding of a Problem. An issues which happens in a recurring fashion becomes a problem.
Hence, it would have been handled earlier by some means. Consequently, it is not a Risk but a known issue. It should have been in the radar and already catered for, in terms of cost.
The only option that remains is to Use the Management Reserve to cover the cost of the problem
C. Use the management reserve to cover the costs of the problem
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