Six Sigma Global Institute (SSGI) Project Management Professional Certification Practice Exam

Which of the following is a part of the risk assessment process?

1. Transfer risks

2. Categorize business objectives

3. Prioritize identified risks

4. Schedule project tasks

The correct answer is: Prioritize identified risks

The process of risk assessment is crucial in project management as it helps identify, analyze, and prioritize potential risks that could impact a project. Prioritizing identified risks is a key component of this process because it enables project managers to focus their attention and resources on the most critical risks that could affect project outcomes. By evaluating the likelihood and impact of each risk, project managers can determine which risks require immediate action or mitigation strategies. In the context of risk assessment, prioritization assists teams in making informed decisions on how to allocate resources effectively and develop contingency plans. This step ensures that the project remains on track and aligned with its objectives, ultimately contributing to better decision-making and enhanced project success. The other options do not fit within the risk assessment phase as directly. Transferring risks typically falls under risk response planning rather than assessment. Categorizing business objectives relates more to project planning than to assessing risks specifically. Scheduling project tasks pertains to project execution and time management, which, while essential to the project lifecycle, occurs after risk assessment has been completed. Thus, prioritizing identified risks stands out as the appropriate activity within the risk assessment process.