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If the project manager realizes that some risks have not been updated recently, they should review the risk register to check for new risks and ensure that all risks are accurately documented and updated.

The risk register is a document that contains information about the identified risks, their analysis, and their response plans. It is updated throughout the project life cycle as new risks emerge, existing risks change, or risks are closed. The project manager should review the risk register regularly to ensure that the project data is accurate and reflects the current risk situation. Reviewing the risk register also helps the project manager to identify any new risks that may have occurred since the last update, and to plan appropriate responses for them. References: PMI, Project Risk Management, 2nd edition, 2019, p. 67-681

When closing risks as part of the closing process, it is important to update the lessons learned document. This document captures the knowledge and experience gained during the project and can be valuable for future projects.

 Lessons learned is a document that captures the knowledge gained from the project and can help improve the performance of future projects. It is one of the outputs of the project closure process and should include information on the project risks, issues, and responses. Lessons learned can help identify the best practices and lessons to be applied or avoided in similar projects. Updating the lessons learned document is an important part of closing the risks as it can provide valuable insights for risk management. References: PMI, Project Risk Management, 2nd edition, 2019, p. 97-981

The project manager should evaluate the risk with the team and update the issueing to address the concerns of the stakeholders and local businesses.

This concern is a potential risk that could affect the project’s reputation, stakeholder satisfaction, and profitability. The project manager should evaluate the risk with the team and update the issue log, which is a tool for documenting and monitoring the resolution of issues that arise during the project. The issue log should include information such as the issue description, the priority, the owner, the status, and the actions taken. The project manager should also communicate with the stakeholders and the local businesses to address their concerns and seek a mutually beneficial solution. The project manager should not ignore the concern, as it could escalate into a bigger problem. The project manager should not discuss the concern with the local business owners alone, as this could bypass the stakeholders and create more conflicts. The project manager should not update the key risks and perform a quantitative risk analysis, as this is a time-consuming and complex process that may not be necessary for this type of risk. The project manager should not adjust the construction work hours to after business hours, as this could incur additional costs, disrupt the project schedule, and affect the workers’ safety and productivity. References: PMI, 2017. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. Newtown Square, PA: Project Management Institute, Inc., pp. 115-116, 408-4091

Risk handling strategies should be reviewed and revised periodically to ensure they remain effective and relevant as the project progresses. This allows the project manager to adapt to changing circumstances and minimize the impact of risks on the project.

According to the PMBOK® Guide, risk handling strategies are the specific actions that are taken to implement the risk response plan. The risk response plan is the output of the Plan Risk Responses process, which describes how the project team intends to address the identified risks. The risk handling strategies should be aligned with the risk response strategies, which are the general approaches to deal with the risks, such as avoid, transfer, mitigate, accept, exploit, share, enhance, or accept.

The project manager should work with the risk handling strategies by reviewing and revising them periodically. This is because the project risks are not static, but dynamic and uncertain. They may change over time due to various factors, such as changes in the project scope, schedule, cost, quality, resources, stakeholder expectations, assumptions, constraints, etc. Therefore, the project manager should monitor and control the risk handling strategies to ensure that they are still effective and appropriate for the current risk situation. The project manager should also update the risk register and the risk report with the results of the risk handling strategies, such as the residual risks, secondary risks, and risk triggers.

The other options are not valid for how the project manager should work with the risk handling strategies:

• Implement the strategies after completing the risk analysis: This is not a valid option because the risk analysis is not the final step in the risk management process. The risk analysis is part of the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes, which come after the Identify Risks process and before the Plan Risk Responses process. The risk analysis helps the project manager to prioritize and evaluate the risks, but it does not provide the specific actions to address them. The risk handling strategies are developed in the Plan Risk Responses process, which comes after the risk analysis.
• Implement the strategies immediately: This is not a valid option because the risk handling strategies should not be implemented without proper planning and approval. The risk handling strategies should be documented in the risk response plan, which should be communicated and approved by the project sponsor, customer, and other relevant stakeholders. The risk handling strategies should also be integrated with the other project management plans, such as the scope, schedule, cost, quality, resource, communication, procurement, and stakeholder management plans. The risk handling strategies should be implemented only when the risk triggers or conditions occur, or when the project manager decides to do so based on the risk analysis and evaluation.
• Ensure the strategies are approved by the stakeholders: This is not a valid option because the approval of the risk handling strategies is not the only thing that the project manager should do with them. The approval of the risk handling strategies is part of the Plan Risk Responses process, which comes before the Implement Risk Responses and Monitor Risks processes. The project manager should also implement, monitor, and control the risk handling strategies to ensure that they are effective and appropriate for the current risk situation.

References: PMBOK® Guide1, Risk Management Professional (PMI-RMP)® Cert Guide1