Explanation
this question is related to the Project Management Professional (PMP) certification exam, which is a credential that validates the knowledge and skills of project managers. The PMP exam is based on the PMBOK Guide, 7th edition, which is a standard that provides a framework and best practices for managing projects. The question describes a situation where a project manager has access to risk management tools but chooses to use a quantitative method to evaluate the project risks. During project execution, the project sponsor asks for an updated risk matrix. The question asks what the project manager should do next.
Based on this information, the best answer is option C, which is to add new risks and send the risk matrix to leadership for approval. This is because adding new risks and sending the risk matrix to leadership for approval is a risk management practice that can help the project manager to update and communicate the project risks and their status. A risk matrix is a tool that displays the probability and impact of the project risks, as well as their priority and response strategies. Adding new risks is a process that involves identifying and analyzing any new or emerging risks that may affect the project objectives or outcomes. Sending the risk matrix to leadership for approval is a process that involves obtaining the endorsement and support from the project sponsor and other senior stakeholders for the risk management plan and actions. Adding new risks and sending the risk matrix to leadership for approval can help the project manager to ensure that the project risks are properly identified, assessed, and managed, as well as to align the project risks with the stakeholder expectations and interests.
Option A, which is to use integrated risk management software to evaluate the risks, is not a good answer.
This is because using integrated risk management software may not be necessary or effective to update and communicate the project risks and their status. Integrated risk management software is a tool that helps to automate and integrate the risk management processes and activities, such as risk identification, analysis, response, monitoring, and reporting. Using integrated risk management software can help theproject manager to facilitate and streamline the risk management tasks and functions, as well as to enhance the risk management efficiency and quality. However, using integrated risk management software may not help the project manager to update and communicate the project risks and their status, as it may not address the issue of new or emerging risks that may require human judgment or intervention. Using integrated risk management software may also depend on the availability, suitability, and compatibility of the software, as well as the cost, time, and training required to use the software.
Option B, which is to use their own professional knowledge to reassess the risks, is not a good answer. This is because using their own professional knowledge may not be enough or reliable to update and communicate the project risks and their status. Professional knowledge is the knowledge and skills that the project manager has acquired from their education, training, experience, or certification. Using their own professional knowledge can help the project manager to apply the relevant and appropriate risk management concepts, methods, and techniques to the project. However, using their own professional knowledge may not help the project manager to update and communicate the project risks and their status, as it may not reflect the current and accurate information and data about the project risks. Using their own professional knowledge may also introduce bias or error to the risk assessment and evaluation, as well as to conflict or contradict with the stakeholder opinions or expectations.
Option D, which is to trust in the quantitative method already chosen as it is a precise method, is not a good answer. This is because trusting in the quantitative method may not be appropriate or beneficial to update and communicate the project risks and their status. A quantitative method is a technique that uses numerical data and analysis to measure and evaluate the probability and impact of the project risks, as well as to estimate the overall risk exposure and contingency of the project. A quantitative method can help the project manager to obtain objective and precise information and results about the project risks, as well as to support the risk management decision-making and planning. However, trusting in the quantitative method may not help the project manager to update and communicate the project risks and their status, as it may not account for the new or emerging risks that may require qualitative or subjective assessment and evaluation. Trusting in the quantitative method may also ignore or overlook the stakeholder feedback or input, as well as the risk management tools or resources that may be available or useful for the project. References: PMBOK Guide, 7th edition; PMP Exam Content Outline; PMP Sample Test Questions.