You are leading a pharmaceutical research project with strict regulatory requirements. During a risk review meeting, your team identifies a new risk: a potential change in regulatory standards that could require significant protocol modifications. The probability is estimated at 30% and the impact would be a 4-month delay and $200,000 in additional costs. The change, if it occurs, would happen in approximately 6 months. Your risk response strategy includes creating a contingency plan. What should you do NEXT?

Question

Accepted Answer

The correct answer is C. Assigning a risk owner to monitor and trigger the contingency plan is correct because this is an identified risk with a defined response strategy that should be actively monitored. The risk owner ensures accountability and timely response if triggers occur. Option A addresses only the financial aspect without establishing monitoring and ownership, which is incomplete risk management. Option B is inappropriate because it commits resources to address a risk with only 30% probability, essentially treating mitigation as if the risk has already occurred. Option D is an overreaction; while significant, a 30% probability risk with a manageable response doesn't warrant discussing termination without first attempting to manage it through proper risk response processes.

PMP Practice Question: Process — Predictive, Medium

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