Direct answer
Work through PMP risk scenarios by separating risks from issues, assigning ownership, selecting responses, monitoring triggers, and updating plans.
What to know
- A risk is uncertain; an issue has already occurred.
- Risk owners monitor and execute agreed responses.
- Responses can address threats or opportunities.
- Residual and secondary risks remain after a response.
How to apply it
Record cause, uncertain event, and effect. Assess exposure using approved scales, choose a response, fund it when needed, and monitor triggers.
Worked example
A supplier might miss a milestone, so the team qualifies a backup supplier and defines the trigger for activation. If the supplier has already missed it, manage an issue and assess resulting risks.
Common mistakes
- Writing vague risk statements.
- Assigning every risk to the project manager.
- Using one universal probability-impact threshold.
Exam and practice connection
Update the risk register and affected plans; do not act as if the risk process is isolated from schedule, cost, procurement, or stakeholders.