In the early stages of a project, the risk management team leader should conduct qualitative risk
analysis to prioritize potential risks. This will help the team to focus on the most significant risks and
develop appropriate risk response strategies.
According to the PMI-RMP Handbook, the early stages of the project are the best time to establish
the risk management plan, which is a document that describes how risk management activities will
be structured and performed on the project. It is one of the main outputs of the Plan Risk
Management process. The risk management plan should be developed with the involvement and
input of key stakeholders, such as the project sponsor, customer, team members, subject matter
experts, and other relevant parties. The risk management plan should also define the roles and
responsibilities of the stakeholders in risk management, as well as the reporting and escalation
mechanisms.
The risk management team leader, who is a risk management certified candidate in their domain,
should educate stakeholders on best practices to perform risk management in the early stages of the
project. This is because the stakeholders may have different levels of knowledge, experience, and
expectations regarding risk management, especially in an organization that spans across different
countries. The risk management team leader should provide training, coaching, and guidance to the
stakeholders on how to apply the risk management processes, tools, and techniques, as well as how
to use the risk management plan. The risk management team leader should also promote a positive
risk culture and encourage stakeholder participation and collaboration in risk management activities.
The other options are not valid for what the risk management team leader should do in the early
stages of the project:
Conduct qualitative risk analysis to prioritize potential risks: This is not a valid option because the
qualitative risk analysis is part of the Perform Qualitative Risk Analysis process, which comes after
the Identify Risks process and before the Perform Quantitative Risk Analysis process. The risk
management team leader should not conduct the qualitative risk analysis before developing the risk
management plan and identifying the risks.
Plan a solid risk response plan and secure the necessary funding: This is not a valid option because
the risk response plan is part of the Plan Risk Responses process, which comes after the Perform
Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The risk management
team leader should not plan the risk response plan and secure the necessary funding before
developing the risk management plan, identifying, and analyzing the risks.
Benchmark to an organization which has executed a similar project: This is not a valid option because
benchmarking is a technique for risk identification, but it is not the only one. The risk management
team leader should use a combination of techniques to identify risks, not just focus on one aspect.
Also, benchmarking is not the same as educating stakeholders, which implies providing training,
coaching, and guidance on risk management best practices.
: PMI-RMP Handbook1, PMBOK® Guide2, Practice Standard for Project Risk Management2
