PMI Risk Management Professional Practice Exam

Which risk management process involves monitoring identified risks throughout the project?

1. Plan Risk Management

2. Identify Risks

3. Implement Risk Responses

4. Monitor Risks

The correct answer is: Monitor Risks

The process that involves monitoring identified risks throughout the project is monitoring risks, which is crucial for effective risk management. This process entails assessing the status of risks, tracking their progress, and determining any necessary adjustments to risk responses. It ensures that risks are kept under control and that new risks are identified as they arise during the project lifecycle. Monitoring risks also informs project stakeholders about the evolving landscape of risks and their potential impact on project objectives, allowing for timely decisions and actions. This is an ongoing aspect of risk management that provides insights into how well the risk response strategies are working and whether modifications are needed. Conversely, planning risk management focuses on establishing the framework and procedures for managing risk in a project. Identifying risks pertains to recognizing potential risks that could affect the project, while implementing risk responses involves executing actions to mitigate or exploit risks as planned. Each of these processes plays a distinct role in the overall risk management strategy but does not encompass the continuous oversight required for monitoring risks.