You are leading a pharmaceutical research project to develop a new drug formulation. During risk identification workshops, your team identifies a risk that a key regulatory approval might be delayed by up to 6 months due to recent policy changes. The probability is assessed at 40% and the impact on project completion would be significant. What should you do with this information?

Question

Accepted Answer

The correct answer is B. In predictive project management, identified risks must be documented in the risk register and then analyzed to develop appropriate response strategies (avoid, mitigate, transfer, or accept). This follows the standard risk management process. Option B is correct because it follows the proper sequence: identify → document → analyze → plan responses. Option A is premature without first analyzing the risk and developing response options. Option C assumes the risk will occur (treating it as an issue rather than a risk) and automatically extends the baseline without proper analysis. Option D jumps to a monitoring activity without first documenting and planning responses.

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