PRINCE2-FOUNDATION practice question 21 of 35

Which is a purpose of the Risk Register?

Full set: 478 questions
Answer options
A: Describe the risk management techniques and standards to be applied to the project
B: Act as a central record of information relating to the identified risks for the project Correct answer
C: Act as a repository for informal issues
D: List the responsibilities for achieving an effective risk management procedure
Correct Answer:
B. Act as a central record of information relating to the identified risks for the project
Explanation

The purpose of the Risk Register is to provide a comprehensive record of all identified risks relating to the project. It serves as a diary for risk management activities, capturing details such as risk identification, assessment (probability, impact, proximity), responses, and status. This management product is created during the Initiating a Project process and is dynamically updated throughout the project's lifecycle. It ensures that all risks are documented, monitored, and controlled effectively, providing a single point of reference for the project's risk landscape.

Why Incorrect

A. The risk management approach document, not the Risk Register, describes the techniques, standards, and procedures to be applied to the project.
C. The Issue Register is the correct repository for formal and informal issues; the Risk Register is specifically for risks (potential events).
D. Responsibilities for risk management are defined in the risk management approach and in role descriptions, not listed in the Risk Register.

References

AXELOS. (2023). Managing Successful Projects with PRINCE2® 7th Edition. TSO (The Stationery Office). Section A.23.1 (Purpose of the Risk Register), p. 356.

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