Learn the three essential artifacts – risk register, assumption log, and risk-adjusted backlog – that stakeholders should review during project execution to make informed decisions on responding to known and new risks.
Table of Contents
Question
During a project review meeting, stakeholders are making decisions on how to respond to known and new risks encountered during project execution. Which three artifacts should the stakeholders review? (Choose three.)
A. Risk register
B. Change log
C. Risk-adjusted back log
D. Assumption log
E. Basis of estimates
Answer
A. Risk register
C. Risk-adjusted back log
D. Assumption log
Explanation
The three artifacts that stakeholders should review during a project review meeting to make decisions on responding to known and new risks are:
A. Risk Register
The risk register is the key document that catalogs all identified risks, their probability, impact, priority, and planned response strategies. It’s essential for stakeholders to review the risk register to understand the full scope of known risks, assess their current status, and determine if the planned risk responses are still appropriate or need to be updated based on new information.
C. Risk-Adjusted Backlog
The risk-adjusted backlog prioritizes requirements and user stories based on both value and risk. By reviewing this artifact, stakeholders can see how risks are impacting scope and adjust priorities as needed to mitigate threats or capitalize on opportunities. This helps ensure the team is working on the highest value, risk-optimized items.
D. Assumption Log
The assumption log documents all assumptions and constraints identified during project planning and execution. Reviewing this log allows stakeholders to validate key assumptions, determine if any have changed, and assess impacts to risks. Incorrect assumptions can introduce new risks or change the probability and impact of known risks, so it’s critical to regularly review and update the assumption log.
The change log (B) and basis of estimates (E) are important project artifacts but are not among the most essential for stakeholders to review when making risk response decisions during project execution. The change log tracks project changes but does not provide risk-specific information. The basis of estimates documents how time and cost estimates were derived but does not directly relate to risk management.
In summary, the risk register, risk-adjusted backlog, and assumption log are the three key artifacts for stakeholders to review when planning risk responses, as they provide the necessary information on identified risks, their impacts, priorities, and assumptions. Regularly reviewing and updating these artifacts helps the team make informed decisions to effectively address project risks.
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