Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk…

The project manager should apply an iterative approach to risk identification, which involves

continuous risk identification throughout the project lifecycle. This will help to identify and address

new risks that may arise during the project.

According to the PMBOK® Guide, risk identification is the process of determining which risks may

affect the project and documenting their characteristics. It is an iterative process because new risks

may evolve or become known only as the project progresses through its life cycle. There are many

techniques available for risk identification and assessment, such as brainstorming, interviews,

checklists, SWOT analysis, cause and effect diagrams, etc. The project manager should apply an

iterative approach to risk identification to ensure that all relevant risks are captured and updated

throughout the project. The project manager should also involve the project team and other

stakeholders in the risk identification process to obtain their input and perspectives.

The other options are not valid for the next step after explaining the importance of risk management

to the team:

Review assumptions and constraints around risks: This is a technique for risk identification, but it is

not the only one. The project manager should use a combination of techniques to identify risks, not

just focus on one aspect. Also, reviewing assumptions and constraints is not the same as applying an

iterative approach, which implies repeating the risk identification process at regular intervals or

when changes occur.

Develop the risk response plans for identified risks: This is a step in the Plan Risk Responses process,

which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis

processes. The project manager should not develop the risk response plans before identifying and

analyzing the risks.

Determine the likelihood and impact of the risks: This is a step in the Perform Qualitative Risk

Analysis process, which comes after the Identify Risks process. The project manager should not

determine the likelihood and impact of the risks before identifying them.

: PMBOK® Guide1, Risk Management Professional (PMI-RMP)® Cert Guide