A new risk manager has been assigned to a delayed strategic project. The risk manager presented a new plan to get the project back on track using…

The risk manager should conduct a risk planning workshop with senior management and other key

stakeholders to review the risk management plan, the risk register, and the contingency reserves.

The risk manager should explain the purpose and benefits of contingency reserves, and how they are

calculated and allocated based on the risk exposure of the project. The risk manager should also

discuss the potential impact of removing or reducing the contingency reserves on the project

objectives, scope, schedule, cost, and quality. The risk manager should facilitate a collaborative

decision-making process to reach a consensus on the best course of action for the

project. Reference: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects,

2019, p. 77-78, 92-93.