A critical vendor for your project suddenly goes bankrupt, posing a significant risk to project delivery. How would you handle this unexpected risk?
- Delay the project until a new vendor is found to minimize the risk of working with an unstable vendor.
- Inform stakeholders about the situation and assure them that the project will continue as planned without any impact.
- Modify project requirements to eliminate the need for the critical vendor's products or services.
- Quickly identify alternative vendors and establish backup plans to ensure minimal disruption to project delivery.
Handling the unexpected risk of a critical vendor going bankrupt requires immediate action to minimize disruption to project delivery. By quickly identifying alternative vendors and establishing backup plans, the project manager can ensure that the project continues as planned with minimal impact. Informing stakeholders about the situation and reassuring them demonstrates transparency and helps maintain stakeholder confidence in the project's ability to overcome challenges.
Loading...
Related Quiz
- What is risk management in the context of project management?
- What is the significance of setting goals in planning and organization?
- In decision making, _____ refers to the tendency to favor information that confirms existing beliefs or prejudices.
- In the middle of the development phase, a critical bug is discovered in the software. How would you prioritize its resolution?
- Discuss the significance of reflection and debriefing sessions after team building activities.