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| Section | Objectives |
|---|---|
| Topic 1: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Topic 2: Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Topic 3: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 4: Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Topic 5: Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
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NEW QUESTION # 285
After a number of risk workshops, risks have been identified. Which is the first element the risk owner should look for in the response plan to help mitigate the risks?
Answer: A
Explanation:
The first element the risk owner should look for in the response plan is to verify that due dates for the actions have been identified. This ensures that risk mitigation actions are timely and can be effectively monitored.
After identifying the risks and assigning risk owners, the next step is to develop risk response plans that describe how to address each risk. The first element that the risk owner should look for in the response plan is the due date for the actions that are required to implement the response. The due date is important because it helps to prioritize the risk response activities, monitor the progress of the risk response, and ensure that the response is executed in a timely manner. The due date also helps to align the risk response with the project schedule and avoid any delays or conflicts. The other elements, such as the probability of a secondary risk, the impact on the quality of the components, and the relationship with the critical path, are also relevant for the risk response plan, but they are not the first element that the risk owner should look for. References: PMI,
2017. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition. Newtown Square, PA: Project Management Institute, Inc., pp. 407-4081
NEW QUESTION # 286
What identification technique is used to help reduce the ambiguity of a risk statement?
Answer: C
NEW QUESTION # 287
Project stakeholders can often be risk averse with little to no knowledge of the risk process. How should a risk manager increase stakeholder risk appetite?
Answer: C
Explanation:
Explanation
The risk manager should increase stakeholder risk appetite by explaining risk handling and mitigation strategies, which will help stakeholders understand how risks can be managed and reduced, making them more comfortable with the risk process.
The best way to increase stakeholder risk appetite is to explain risk handling and mitigation strategies, which are the actions taken to reduce the probability and/or impact of risks, or to enhance the opportunities. By doing so, the risk manager can help the stakeholders understand how the risks can be managed effectively and efficiently, and how the potential benefits can outweigh the potential costs. This can also increase the stakeholder confidence and trust in the risk process and the project outcomes. The other options are not appropriate ways to increase stakeholder risk appetite. Excluding risk averse stakeholders from future risk discussions can alienate them and create conflicts. Increasing the impact of all risks in the risk breakdown structure (RBS) can exaggerate the risk exposure and create unnecessary fear and anxiety. Developing a generous probabilistic cash flow model can create unrealistic expectations and lead to poor decision making.
References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications, page 81. A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, pages 403-4042.
NEW QUESTION # 288
During a risk reassessment workshop with the project team and some external stakeholders, two key external stakeholders are overemphasizing the impact of a few project risks. This has led to a conflict.
How should the risk manager handle this situation?
Answer: C
Explanation:
According to the PMBOK Guide, one of the tools and techniques for the plan risk management process is ground rules. Ground rules are the rules of conduct or behavior that are established by the project team and other stakeholders to ensure a productive and respectful environment for risk management activities. Ground rules can cover various aspects of risk management, such as roles and responsibilities, communication protocols, decision-making processes, meeting agendas, and conflict resolution methods1. By referring to the team's ground rules on how to resolve conflicts, the risk manager can handle the situation where two key external stakeholders are overemphasizing the impact of a few project risks. This can help the risk manager to maintain a constructive and collaborative atmosphere in the risk reassessment workshop, as well as to ensure that the risk analysis and prioritization are based on objective and consistent criteria.
Some of the other options are not relevant or appropriate for the question scenario:
* Requesting for a skilled facilitator to help resolve conflicts that have arisen is not a feasible or effective option, as it would interrupt the flow of the risk reassessment workshop and delay the risk management process. The risk manager should be able to facilitate the workshop and handle conflicts by themselves, using the tools and techniques that they have planned and agreed upon with the project team and stakeholders.
* Running a sensitivity analysis to check which risks have the most impact is a technique for the perform quantitative risk analysis process, which is not applicable in the context of a risk reassessment workshop. A sensitivity analysis is a quantitative method that examines the effect of varying one risk parameter at a time on the project objectives, such as cost or schedule. It is not a tool for resolving conflicts or validating the impact of risks, as it does not consider the interrelationships and dependencies among risks or the probability of risk occurrence1.
* Using the assumption analysis technique to validate the assumptions is a technique for the identify risks process, which is not suitable for the situation where conflicts have already arisen in the risk reassessment workshop. An assumption analysis is a technique that explores the validity of the assumptions that are made during the project planning and risk management processes. It is not a tool for resolving conflicts or verifying the impact of risks, as it does not address the root causes or the consequences of the disagreements among the stakeholders1.
References: PMBOK Guide, 6th edition, pages 407-408, 431-432, 437-438, 441-4421; PMI-RMP Exam Content Outline, 2015, pages 7-8.
NEW QUESTION # 289
Virginia is the project manager for her organization. She has hired a subject matter expert to interview the project stakeholders on certain identified risks within the project. The subject matter expert will assess the risk event with what specific goal in mind?
Answer: C
NEW QUESTION # 290
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