When a project manager identifies a risk with a high probability of occurring, the appropriate response is to monitor the risk closely. This involves asking the team to keep an eye on the risk and provide alerts if it becomes an issue. This approach is aligned with the proactive risk management practices advocated by PMI, where risks are continuously monitored and managed throughout the project lifecycle. It allows the project team to respond quickly to changes and implement risk response plans as necessary.
References:
* The PMBOKGuide - Sixth Edition provides guidelines on risk management processes which include monitoring risks. It emphasizes the importance of keeping track of identified risks, monitoring residual
* risks, and reviewing the execution of risk responses while evaluating their effectiveness throughout the project lifecycle1.
* The Practice Standard for Project Risk Management by PMI also supports this approach, detailing how monitoring and controlling risks is a critical part of the risk management process2.
* Additionally, the PMP Exam Content Outline from PMI outlines the tasks associated with monitoring risks, which includes implementing risk response plans, tracking identified risks, and evaluating risk process effectiveness over the project's duration3.