Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle? Select one: ans. Risks are identified with each major group of activities. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. The total risk on the project typically reduces as activities are performed without loss. Agreements for risk sharing need to be concluded.
Question
Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle? Select one: ans. Risks are identified with each major group of activities.
Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen.
The total risk on the project typically reduces as activities are performed without loss.
Agreements for risk sharing need to be concluded.
Solution
The next phase of the project life cycle after the planning stage is usually the execution phase. In this phase, the plans are put into action. The project team starts working on the tasks and activities outlined in the project plan.
However, based on the options you provided, it seems like the question is asking about risk management, which is a crucial part of every phase of the project life cycle. Here's what happens in relation to risk management in the next phase:
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Risks are identified with each major group of activities: This is a continuous process that happens throughout the project life cycle. As the project progresses, new risks may emerge, and existing risks may change. Therefore, risk identification is an ongoing activity.
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Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen: This is typically done in the initiation and planning stages of the project. Once the project is approved and moves into the execution phase, this decision has already been made.
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The total risk on the project typically reduces as activities are performed without loss: This is generally true. As tasks are completed successfully, the associated risks are eliminated, reducing the overall project risk.
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Agreements for risk sharing need to be concluded: This is usually done in the planning stage. However, if new risks are identified during the execution phase, new risk sharing agreements may need to be concluded.
So, the most accurate answer would be "Risks are identified with each major group of activities." However, it's important to note that risk management is a continuous process that happens throughout the project life cycle.
Similar Questions
When is risk management undertaken? Group of answer choicesThroughout the entire life of any project.Only if the project is large and high risk.Only at the start of the project.Only at the end of the project.
Risk” usually _______ as the project progresses.
QuestionA large risk to a project is identified, and the risk management plan is executed. Upon completion of the approved actions, what should the project manager do?A.Update the risk management plan.B.Revise the project schedule and the budget.C.Update the lessons learned.D.Identify new risks, and monitor residual risks.
The Three attributes of project risk are _________, ___________ and ___________.a.What might happen, who it happens to, and how much will it costb.Risk cost, quality, controlc.Notification, frequency of relevant events, probability of occurrenced.Risk event, probability occurrence, the amount at stakee.Quality, risk planning, total number of risk events
What is the key element of continuous risk management in projects?Grupo de elecciones de respuestaIdentifying risks once at the project startIgnoring risks after the initial assessmentRegularly reassessing risks throughout the projectAccepting all identified risks
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