ExpertPMP · Question 54 · Task 3: Assess and manage risks
During a risk assessment workshop, the project team identifies a potential risk that a key technology vendor might discontinue support for a critical software component during the project lifecycle. The probability is assessed as low (20%) but the impact would be very high (complete rework required). What should the project manager do FIRST?
During a risk assessment workshop, the project team identifies a potential risk that a key technology vendor might discontinue support for a critical software component during the project lifecycle. The probability is assessed as low (20%) but the impact would be very high (complete rework required). What should the project manager do FIRST?
Answer options:
Accept the risk since the probability is low and monitor for any changes
Immediately find an alternative technology solution to avoid the risk entirely
Develop contingency plans and explore mitigation options while monitoring vendor stability indicators
Escalate the risk to senior management for a decision on how to proceed
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