What is the intent of Risk and Opportunity Management (RSK)?

What is the intent of Risk and Opportunity Management (RSK)?

• A. Quantify all project costs and schedule risks.
• B. Plan only for known risks.
• C. Identify, record, analyze, and manage potential risks or opportunities.
• D. Eliminate all risks before project start.

Answer: (C)

Risk and Opportunity Management is about anticipating and guiding potential future events that could affect the project’s objectives. It involves identifying, recording, analyzing (probability and impact), prioritizing, planning responses, assigning ownership, and monitoring both risks and opportunities throughout the project. This is a proactive, ongoing process designed to reduce threats and increase positive chances, rather than waiting for problems to arise. The other options miss the breadth of the activity: focusing only on cost and schedule risks is too narrow, planning only for known risks ignores unknowns and opportunities, and trying to eliminate all risks before start is unrealistic because risk persists and must be managed continuously.

Risk and Opportunity Management is about anticipating and guiding potential future events that could affect the project’s objectives. It involves identifying, recording, analyzing (probability and impact), prioritizing, planning responses, assigning ownership, and monitoring both risks and opportunities throughout the project. This is a proactive, ongoing process designed to reduce threats and increase positive chances, rather than waiting for problems to arise. The other options miss the breadth of the activity: focusing only on cost and schedule risks is too narrow, planning only for known risks ignores unknowns and opportunities, and trying to eliminate all risks before start is unrealistic because risk persists and must be managed continuously.