During the planning phase of a software development project, the team identifies a potential risk that a key software library they depend on may become deprecated before project completion. As the project manager, what should you do to assess this risk effectively?
Ignore the risk since it has not yet occurred.
Evaluate the likelihood of the library becoming deprecated and the potential impact on the project timeline and deliverables.
Find an alternative library and update the project plan accordingly.
Add the risk to the issue log and assign a team member to monitor it.
Effective impact analysis begins with a probability-impact assessment-evaluating how likely the deprecation is to occur and how severely it could affect scope, schedule, and cost. This qualitative analysis prioritizes the risk for further action. Recording the concern as an issue is inappropriate because issues are current problems; potential events belong in the risk register. Replacing the library immediately could waste effort if the risk never materializes, and ignoring the threat leaves the project exposed.
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