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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Analysis | 23% | - Use simulation and modeling techniques - Prioritize risks - Assess probability and impact - Perform qualitative risk analysis - Perform quantitative risk analysis |
| Topic 2: Risk Monitoring and Reporting | 19% | - Identify new and emerging risks - Track effectiveness of responses - Monitor identified risks and triggers - Capture lessons learned - Communicate risk status to stakeholders - Update risk register and documents |
| Topic 3: Risk Strategy and Planning | 22% | - Develop risk management strategy - Align risk management with organizational and project objectives - Integrate risk management into project lifecycle - Define risk appetite, threshold, and tolerance - Create risk management plan |
| Topic 4: Risk Response Planning | 13% | - Develop response strategies for threats and opportunities - Select appropriate response actions - Assign owners and responsibilities - Integrate responses into project plan |
| Topic 5: Risk Identification | 23% | - Document risks and characteristics - Capture opportunities as well as threats - Identify internal and external risks - Update risk register - Apply identification techniques |
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NEW QUESTION # 118
Elizabeth is a project manager for her organization and she finds risk management to be very difficult for her to manage. She asks you, a lead project manager, at what stage in the project will risk management become easier. What answer best resolves the difficulty of risk management practices and the effort required?
Answer: D
NEW QUESTION # 119
A project manager has been assigned to a project that is just starting. The organization has a very low risk appetite towards this project due to constraints on budget and schedule. The project stakeholders are very engaged on the project and want to ensure that there is clear visibility on the project risks and progress.
How should the project manager handle stakeholder expectations?
Answer: B
Explanation:
The project manager should discuss the risk response strategies with the stakeholders tohandle their expectations. This will help the project manager to align the risk responses with the stakeholder's risk appetite, preferences, and expectations. It will also help the project manager to obtain the stakeholder's support and approval for the risk responses. This is the best way to ensure clear visibility on the project risks and progress. Adding buffers to the schedule to accommodate risk (option A) is not a good practice, as it may create false expectations and hide the true impact of risk. Ensuring the risk register includes all identified risks (option B) is important, but it is not enough to handle stakeholder expectations. The project manager also needs to communicate the risk register to the stakeholders and discuss the risk responses with them.
Developing a communication plan to share updates on risks (option D) is also a good practice, but it is not sufficient to handle stakeholder expectations. The project manager also needs to involve the stakeholders in the risk response planning process and obtain their feedback and approval. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 97; PMI, A Guide to the Project Management Body of Knowledge (PMBOKยฎ Guide), 6th ed., 2017, p. 407.
The project manager should develop a communication plan to share updates on risks (D) to handle stakeholder expectations, especially since the organization has a low risk appetite and stakeholders are very engaged. This approach ensures that stakeholders are regularly informed about the project's risks and progress, addressing their concerns and expectations. This is supported by the PMI's PMBOK Guide, Sixth Edition.
NEW QUESTION # 120
A project manager was informed that the testing of the latest component in the project's software update release was not successful. As a result, 1he delivery timelines for the software release wifi be delayed, The project manager did not previously capture this as a risk to the project.
What should the project manager do next to avoid similar risks?
Answer: A
Explanation:
The project manager should reassess risks by conducting a new assumptions and constraints analysis. This will help identify any previously overlooked risks and ensure that the risk register is comprehensive and up-to-date.
NEW QUESTION # 121
David is the project manager of the NKL Project for his organization. He has been asked to create a proposal for a construction project for a client. David realizes that there are several requirements within the SOW and RFP provided by the client that would eliminate his company from bidding on the construction project. David proposed to management that his organization create a partnership with a competitor so that together they could bid on the construction project and qualify for the customer's requirements. What risk response is David proposing to management?
Answer: B
NEW QUESTION # 122
You work as a project manager for TechSoft Inc. You are working with the project stakeholders on the qualitative risk analysis process in your project. You have used all the tools to the qualitative risk analysis process in your project. Which of the following techniques is NOT used as a tool in qualitative risk analysis process?
Answer: B
NEW QUESTION # 123
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