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PMI-RMP certification exam is an essential credential for individuals who specialize in project risk management. It is a globally recognized certification that demonstrates an individual's knowledge and skills in identifying and mitigating risks. PMI Risk Management Professional certification is an excellent investment for professionals who want to advance their careers in project management and can lead to new job opportunities and career growth.
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PMI-RMP (Project Management Institute - Risk Management Professional) is a globally recognized certification offered by the Project Management Institute. It is a professional certification designed for professionals who have a keen interest in risk management and its associated field. PMI-RMP Certification is ideal for professionals who wish to demonstrate their knowledge and skills in risk management and enhance their credibility in the industry.
NEW QUESTION # 138
An organization faces immense competition in the market and decides to accelerate a key project. What is the first action for the project risk manager to take?
Answer: B
Explanation:
According to the PMBOKGuide1, the risk management plan is a component of the project management plan that describes how risk management activities will be structured and performed. It provides guidance on how the project team will identify, analyze, respond, monitor, and control risks throughout the project life cycle. The risk management plan should be reviewed and updated whenever there are changes in the project scope, schedule, budget, or objectives, as these changes may introduce new risks or affect the existing ones. In this case, the organization's decision to accelerate a key project is a significant change that may alter the risk profile of the project. Therefore, the first action for the project risk manager to take is to revise the risk management plan to reflect the new situation and ensure that the risk management processes are aligned with the project objectives and constraints. This is part of the Plan Risk Management process in the PMBOKGuide1. Reference: 1: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition
NEW QUESTION # 139
A project manager is hired as a consultant by the executive sponsor to manage a major change program that has experienced two past failures. The current executive sponsor believes the project is in good shape based on feedback from the last project manager and reports this to senior executive management. The executive sponsor believes there were no major risks threatening the time, budget, or quality of the project. In the first week of risk analysis, the project manager concludes the project timeline is unrealistic and is three months behind schedule. The organization's risk appetite is low.
What is the first step that should be taken?
Answer: D
NEW QUESTION # 140
Shawn is the project manager of the WHT Project for his company. In this project Shawn's team reports that they have found a way to complete the project work for less cost than what was originally planned. The project team presents a new software that will help to automate the project work. While the software and the associated training costs $25,000 it will save the project nearly $65,000 in total costs. Shawn agrees to the software and changes to the project management plan accordingly. What type of risk response has been used in this instance?
Answer: C
NEW QUESTION # 141
Eric is the project manager of the MTC project for his company. In this project a vendor has offered Eric a sizeable discount on all hardware if his order total for the project is more than
$125,000. Right now, Eric is likely to spend $118,000 with vendor. If Eric spends $7,000 his cost savings for the project will be $12,500, but he cannot purchase hardware if he cannot implement the hardware immediately due to organizational policies. Eric consults with Amy and Allen, other project managers in the organization, and asks if she needs any hardware for their projects. Both Amy and Allen need hardware and they agree to purchase the hardware through Eric's relationship with the vendor. What positive risk response has happened in this instance?
Answer: C
NEW QUESTION # 142
A project team is concerned about a risk which, if occurs, might add additional complexity to their work. The team will need help from an external vendor, but the contracting process is long.
What should the risk manager do in this case?
Answer: A
Explanation:
If a risk requires external help and the contracting process is long, it is prudent to start the process immediately to avoid delays. This proactive approach ensures that the necessary resources will be available when needed. According to PMI guidelines, early action to address risk is essential, especially when external dependencies are involved. Documenting the risk in the risk register or analyzing it further can be done concurrently, but starting the contracting process mitigates the risk of delay.
NEW QUESTION # 143
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