James Kirk is the project manager for a 5-year project, with a time tolerance of +3 months for the current stage. One of his team leaders, Monty Scott, reports a projected problem with a work package that is expected to take an extra 2 weeks. What action should Kirk take?
Explanation
Answer: D - Add an entry to the Risk Register. Since the forecasted time will not cause the stage tolerance to be exceeded, there is no need to create an Exception Report.
A well-executed risk register should contain information on the specific risks, what is being done to do with it (or how it would be dealt with if it occurred, some analysis of the overall impact, and perhaps a categorization (useful on big projects with many risks).
A risk register serves a centralized repository for risk management. Any newly identified risks should be added, and the document should be periodically reviewed and updated.
Key takeaway: The Team Manager has the responsibility to report to the Project Manager as soon as any work package tolerances are forecast to be exceeded. The Project Manager then makes the decision as to what action to take based upon his own tolerances for the current stage.
