PMI Risk Management Professional Practice Exam

What is a good practice for building a checklist for use in risk identification?

1. Use the checklist as a way of validating assumptions analysis only.

2. Omit stakeholder risk suggestions that are not on the checklist.

3. Build a comprehensive list by modifying a list of individual risks from a similar project.

4. Include only risk categories rather than each individual risk on the list.

The correct answer is: Build a comprehensive list by modifying a list of individual risks from a similar project.

Building a checklist for risk identification is an important aspect of effective risk management. The best practice of modifying a list of individual risks from a similar project serves as a solid foundation for identifying potential risks in the new project. This approach leverages lessons learned and experiences from previous projects, allowing project managers to recognize patterns or recurring risks that might not be easily identified without historical context. By drawing on the specific risks encountered in a comparable project, the checklist can be tailored to account for both common risks and unique circumstances that may arise in the new project environment. This practice enhances the likelihood of capturing a comprehensive range of risks, which is critical for thorough risk assessment and effective mitigation planning. In contrast, focusing solely on validating assumptions, omitting stakeholder suggestions, or only including risk categories can lead to incomplete risk identification. These methods might overlook unique or emerging risks that are not accounted for in prior projects or the broader project environment. Thus, the process of modifying an existing list not only supports a more efficient risk identification process but also ensures that valuable insights from past experiences are not left unutilized.