In order for a risk management plan to be effective., it should be
A.
updated regularly to address new risks
B.
monitored continuously to determine risk frequency
C.
based on maturing goals and sub-goals
D.
reviewed for contributions to the risk database
Correct Answer: A
Explanation:
For a risk management plan to be effective, it should be updated regularly to address new risks. Here’s why: Dynamic Nature of Projects : Projects are dynamic and subject to changes that can introduce new risks. Proactive Risk Management : Regular updates ensure that the risk management plan remains relevant and effective in identifying and mitigating current risks. Continuous Monitoring : Enables continuous monitoring and reassessment of risks, ensuring timely responses to emerging threats. Stakeholder Confidence : Regular updates demonstrate a proactive approach to risk management, building stakeholder confidence in the project’s management. References : "Project Risk Management: A Practical Implementation Approach" by Michael M. Bissonette. "The Risk Management Handbook: A Practical Guide to Managing the Multiple Dimensions of Risk" by David Hillson.