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| Section | Weight | Objectives |
|---|---|---|
| Stakeholder Engagement | 19-20% | - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Collaborate with cross-functional teams - Involve stakeholders in risk management process - Identify stakeholders and their risk tolerance - Communicate risk information effectively - Promote risk awareness and understanding - Manage stakeholder expectations regarding risks - Build consensus on risk response strategies |
| Perform Specialized Risk Analyses | 14-16% | - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Conduct specialized risk assessments (e.g., regulatory, compliance) - Analyze complex risk scenarios and dependencies |
| Risk Process Facilitation | 25-28% | - Plan risk responses - Perform quantitative risk analysis - Evaluate risk response effectiveness - Identify risks using various techniques - Perform qualitative risk analysis - Implement risk responses - Manage contingency reserves |
| Risk Strategy and Planning | 19-20% | - Develop risk management strategy - Define risk thresholds and metrics - Establish risk management policies and procedures - Plan risk management activities - Integrate risk management into project lifecycle |
| Risk Monitoring and Reporting | 19-20% | - Track risk metrics and triggers - Report risk management performance - Update risk register and documentation - Monitor identified and emerging risks - Evaluate risk response execution - Review risk audit results - Capture lessons learned regarding risks |
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NEW QUESTION # 203
Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.
What should the project manager do next?
Answer: D
Explanation:
The project manager should apply an iterative approach to risk identification, which involves continuous risk identification throughout the project lifecycle. This will help to identify andaddress new risks that may arise during the project.
According to the PMBOK® Guide, risk identification is the process of determining which risks may affect the project and documenting their characteristics. It is an iterative process because new risks may evolve or become known only as the project progresses through its life cycle. There are many techniques available for risk identification and assessment, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, etc. The project manager should apply an iterative approach to risk identification to ensure that all relevant risks are captured and updated throughout the project. The project manager should also involve the project team and other stakeholders in the risk identification process to obtain their input and perspectives.
The other options are not valid for the next step after explaining the importance of risk management to the team:
* Review assumptions and constraints around risks: This is a technique for risk identification, but it is not the only one. The project manager should use a combination of techniques to identify risks, not just focus on one aspect. Also, reviewing assumptions and constraints is not the same as applying an iterative approach, which implies repeating the risk identification process at regular intervals or when changes occur.
* Develop the risk response plans for identified risks: This is a step in the Plan Risk Responses process, which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The project manager should not develop the risk response plans before identifying and analyzing the risks.
* Determine the likelihood and impact of the risks: This is a step in the Perform Qualitative Risk Analysis process, which comes after the Identify Risks process. The project manager should not determine the likelihood and impact of the risks before identifying them.
References: PMBOK® Guide1, Risk Management Professional (PMI-RMP)® Cert Guide
NEW QUESTION # 204
You are working with Anna on your project to determine and map the probability distributions of risk within the project. You have indicated that you will use the uniform distribution method for a portion of the project.
Which part of your project is most likely to have a uniform risk distribution?
Answer: A
NEW QUESTION # 205
You work as a project manager for SoftTech Inc. You have implemented the risk action plan and it was not effective. What type of plan should you as a project manager will create for implementation if a selected risk strategy fails to be fully effective?
Answer: C
NEW QUESTION # 206
You work as a project manager for TechSoft Inc. You, the project team, and the key project stakeholders have completed a round of quantitative risk analysis. You now need to update the risk register with your findings so that you can communicate the risk results to the project stakeholders - including management. You will need to update all of the following information except for which one?
Answer: C
NEW QUESTION # 207
Neil works as a project manager for SoftTech Inc. He is working with Tom, the COO of his company, on several risks within the project. Tom understands that through qualitative analysis Neil has identified many risks in the project. Tom's concern, however, is that the priority list of these risk events are sorted in "high-risk," "moderate-risk," and "low-risk" as conditions apply within the project. Tom wants to know that is there any other objective on which Neil can make the priority list for project risks. What will be Neil's reply to Tom?
Answer: A
NEW QUESTION # 208
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