Sammy is the project manager for her organization. She would like to rate each risk based on its probability and affect on time, cost, and scope. Harry, a project team member, has never done this before and thinks Sammy is wrong to attempt this approach. Harry says that an accumulative risk score should be created, not three separate risk scores. Who is correct in this scenario?
A.
Sammy is correct, because she is the project manager.
B.
Sammy is correct, because organizations can create risk scores for each objective of the project.
C.
Harry is correct, because the risk probability and impact considers all objectives of the project.
D.
Harry is correct, the risk probability and impact matrix is the only approach to risk assessment.
Explanation:
Sammy is correct. She certainly can create an assessment for a risk event for time cost, and scope. It is probable that a risk event may have an affect on just one or more objectives so an assessment of the objective is acceptable.
Answer option A is incorrect. Just because Sammy is the project manager does not automatically make her correct.
Answer option C is incorrect. Harry’s reasoning is flawed as each objective can be reviewed for the risk’s impact rather than the total project.
Answer option D is incorrect. Harry is incorrect as there are multiple approaches to risk assessment for a project.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth Edition"