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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Strategy and Planning | 19-20% | - Plan risk management activities - Define risk thresholds and metrics - Establish risk management policies and procedures - Develop risk management strategy - Integrate risk management into project lifecycle |
| Topic 2: Risk Monitoring and Reporting | 19-20% | - Review risk audit results - Report risk management performance - Track risk metrics and triggers - Capture lessons learned regarding risks - Update risk register and documentation - Evaluate risk response execution - Monitor identified and emerging risks |
| Topic 3: Perform Specialized Risk Analyses | 14-16% | - Conduct specialized risk assessments (e.g., regulatory, compliance) - Analyze complex risk scenarios and dependencies - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) |
| Topic 4: Stakeholder Engagement | 19-20% | - Involve stakeholders in risk management process - Negotiate risk ownership and accountability - Manage stakeholder expectations regarding risks - Promote risk awareness and understanding - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Collaborate with cross-functional teams - Facilitate risk workshops and meetings - Communicate risk information effectively |
| Topic 5: Risk Process Facilitation | 25-28% | - Plan risk responses - Manage contingency reserves - Evaluate risk response effectiveness - Perform quantitative risk analysis - Identify risks using various techniques - Implement risk responses - Perform qualitative risk analysis |
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NEW QUESTION # 277
A project has a S0S4 chance of a US$100 000 profit and a 40% chance of a US$100,000 loss. What is the expected mcnetary value for this project?
Answer: B
Explanation:
Explanation
The expected monetary value (EMV) for this project can be calculated as follows: (0.6 x US$100,000) - (0.4 x US$100,000) = US$60,000 - US$40,000 = US$20,000 profit.
NEW QUESTION # 278
Which of the following risk responses delineates that the project plan will not be changed to deal with the risk?
Answer: B
NEW QUESTION # 279
A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money, What should the risk manager do?
Answer: C
Explanation:
When facing resistance from team members, the risk manager should engage in open communication to address their concerns and clarify the importance of risk management in the project.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the risk manager should handle this situation by meeting with team members to address their concerns. This is because:
* Resistance to risk management is a common challenge that can hinder the effectiveness and efficiency of the risk management process. Resistance can stem from various factors, such as lack of awareness, understanding, commitment, trust, or support for risk management; fear of negative consequences or blame; competing priorities or interests; or cultural differences or biases.
* Meeting with team members to address their concerns is a proactive and constructive way to overcome resistance and foster a positive risk culture within the project. By meeting with team members, the risk manager can:
* Communicate the value and benefits of risk management for the project and the organization, such as improving decision-making, enhancing performance, increasing stakeholder satisfaction, and reducing uncertainty and variability.
* Educate and train team members on the risk management principles, processes, tools, and techniques, and how they can be applied to the project context and objectives.
* Involve and empower team members in the risk management activities, such as identifying, analyzing, prioritizing, responding, and monitoring risks, and solicit their feedback and suggestions for improvement.
* Recognize and reward team members for their contributions and achievements in risk management, and celebrate the successful outcomes and opportunities realized by the project.
* The other options are not effective in handling this situation because:
* Continuing to implement the risk strategy without addressing the resistance can lead to further conflict, resentment, and distrust among the team members, and undermine the quality and credibility of the risk management process and outputs.
* Reducing the number of risk management activities can compromise the project's ability to identify and respond to the risks that may affect its scope, schedule, cost, quality, or other objectives, and expose the project to unnecessary threats or missed opportunities.
* Raising the concerns with the project sponsor can escalate the issue and create a negative impression of the team members, and may not resolve the underlying causes of the resistance or improve the team's engagement and commitment to risk management.
:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP)®Exam Cert Guide2
NEW QUESTION # 280
A company has a project whose objective is to extract gold reserves from Field 1. However, another field closest to the company. Field 2, which has a higher probability of having twice as much gold reserves than Field 1. The risk manager requests the board of Directors to include Field 2 under the scope of the current project by management of change because the project's profitability will increase by 80%.
What type of request is the risk manager describing?
Answer: D
NEW QUESTION # 281
A company has implemented a policy requirement for employees to use complex passwords and update them regularly. A few employees are unable to make the changes, which increases the likelihood of cybercriminals compromising their passwords.
What should the risk manager do?
Answer: A
Explanation:
Residual risk refers to the remaining risk after implementing risk responses or controls. In this scenario, despite the policy requiring complex passwords and regular updates, some employees' inability to comply increases the likelihood of password compromise. This non-compliance elevates the residual risk beyond acceptable levels. The risk manager should reassess the residual risk to determine its current status and evaluate whether additional controls or actions are necessary to mitigate the heightened threat. This reassessment ensures that the organization's risk management strategies remain effective and aligned with its security objectives.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide defines residual risk as "the risk that remains after risk responses have been implemented," highlighting the need for continuous monitoring and reassessment to address any changes in risk exposure.
NEW QUESTION # 282
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