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A company has been awarded a large government contract to develop a new transportation system. There is uncertainty surrounding the project's timeline. The project team is struggling to finalize the project's budget due to unclear estimates from vendors. An updated vendor price list detailing the costs of available technologies is an essential component in determining the project's final cost. The project team will not be able to finalize the project's timeline until the budget is finalized. What should the risk manager do?
Correct Answer: C
The best practice is to log the risk and the associated response strategies in the risk register to ensure it is monitored, analyzed, and managed throughout the project. The PMBOK Guide states: "All identified risks and their planned responses should be recorded in the risk register to facilitate ongoing monitoring and management." - PMBOK Guide, 6th Edition, Section 11.2.3.1 Ignoring or treating these as mere assumptions could result in unmanaged risks and potential project failure. References: PMBOK Guide, 6th Edition, Section 11.2.3.1 Practice Standard for Project Risk Management, PMI, Section 5.3