An organization faces immense competition in the market and decides 10 accelerate a key project. What is the first action for the project risk manager to take?

Accelerating a project represents a significant change to a key project constraint (schedule), which fundamentally alters the project's overall risk exposure and the assumptions upon which the original risk management approach was based. The Risk Management Plan is the governing document that outlines the methodology, roles, responsibilities, timing, and risk thresholds for the project. Therefore, the first logical action for the project risk manager is to revise this plan to ensure it is aligned with the new, more aggressive timeline and the organization's potentially altered risk appetite. This revised plan will then guide all subsequent risk activities, including stakeholder engagement and updating the risk register.

A. Ensure sufficient resources are available: This is a reactive step taken after the impact of acceleration has been analyzed, not the first action in the risk management process.
C. Update the risk register: The risk register is updated with new or modified risks after the risk management framework is adjusted and new risk identification and analysis activities are performed.
D. Meet with the project's stakeholders: While essential, this action is part of the process of revising the plan and communicating changes, but the first formal step for the risk manager is to address the governing process document.

1. Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. Section 11.1, Plan Risk Management. The guide specifies that the Risk Management Plan is the primary output that defines how risk management activities will be structured and performed. A major change to project constraints would necessitate a review and potential update to this plan before other risk activities proceed.

2. Project Management Institute. (2019). The Standard for Risk Management in Portfolios, Programs, and Projects. Section 4.3, Plan Risk Management. This standard establishes that the risk management plan is a dynamic document. It states, "The risk management plan may be updated as needed throughout the project life cycle" in response to changes in the project environment or strategy, such as an imposed acceleration.

3. Hillson, D. (2009). Managing Risk in Projects. Gower Publishing, Ltd. Chapter 3, "The Risk Management Process," emphasizes that the initial step of the process (often called "Initiate" or "Plan") defines the scope and framework for all subsequent steps. A fundamental change to the project's objectives or constraints requires revisiting this initial step to ensure the risk process remains fit for purpose.