Question

In addition to assessing the likelihood of a risk, project managers also need to determine the specific effect that each risk would have on the project's:

a) schedule
b) product
c) resource performance
d) all of the above

Answer 1

Assessing risks in project management involves evaluating their impact on a project's schedule, product, and resource performance. A risk can affect the timeline, the quality of the output, and team efficiency, making it crucial for project managers to consider all these aspects. Hence, the correct answer is d) all of the above.

Step-by-step explanation:

Project managers need to assess not only the likelihood of a risk but also determine the specific effect that each risk would have on the project's schedule, product, and resource performance. Each of these factors can significantly impact the success of a project.

For instance, missing a task deadline could result in the cancellation of a project or loss of significant revenue, such as the case in designing and manufacturing a new video game controller in time for the holiday season.

Complications in resource performance may also arise, such as staff being pulled from funded projects to participate in new, unfunded programs, or when threats to funding exert pressure on project continuity. Therefore, the answer to the question is d) all of the above.