One of the trickiest questions in the PMP exam is the risk questions, especially the situational ones. When should the risks be identified, when should a workaround be established, and when should the risk be assessed?
To answer these questions, we must ask ourselves two very important questions
1- Has the risk actually occurred, not yet, or has just been discovered?
2- Is the risk identified or not (does it already exist in the risk register or not)?
We will have four cases:
If the risk has already occurred and has not been identified, then the best solution is to create a workaround. For example, if the risk that a fire may break out in the factory has not been determined, then if the fire occurs, you will call the firefighter or extinguish it yourself, but you will not hold a meeting to assess the risk and the fire extends in your factory.
If the risk did not occur and only was discovered, and of course it was not specified, that is, the banana peel on the ground was discovered as shown in the picture, then you will first determine the risk and then conduct a qualitative and quantitative analysis of the risk and then plan a response to the risk.
If the risk occurred and was identified, it was identified before and exists in the risk register, then the owner of the response to this risk must implement the agreed response plan. There is no need for meetings or discussions in this case.
If the risk did not occur and was identified, it exists in the risk register; all what you need to do is to monitor its occurrence.
Risk management is generally a proactive process, which means you must think about a risk before it becomes an issue. Except in one case only, if the risk occurs and you have not identified this risk before, in this case you must implement a workaround.
