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| Section | Weight | Objectives |
|---|---|---|
| Risk Response Planning | 13% | - Select appropriate response actions - Develop response strategies for threats and opportunities - Assign owners and responsibilities - Integrate responses into project plan |
| Risk Identification | 23% | - Capture opportunities as well as threats - Identify internal and external risks - Apply identification techniques - Document risks and characteristics - Update risk register |
| Risk Monitoring and Reporting | 19% | - Capture lessons learned - Communicate risk status to stakeholders - Update risk register and documents - Monitor identified risks and triggers - Identify new and emerging risks - Track effectiveness of responses |
| Risk Analysis | 23% | - Perform qualitative risk analysis - Assess probability and impact - Prioritize risks - Perform quantitative risk analysis - Use simulation and modeling techniques |
| Risk Strategy and Planning | 22% | - Integrate risk management into project lifecycle - Develop risk management strategy - Define risk appetite, threshold, and tolerance - Align risk management with organizational and project objectives - Create risk management plan |
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NEW QUESTION # 56
A project is underway to implement a new customer support software. During testing, the risk manager discovers that the integration with the existing customer relationship management system is more complex than initially planned, potentially delaying the project. The risk manager needs to update project documents to reflect this new information.
Which steps should the risk manager consider when updating relevant project documents?
Answer: D
Explanation:
Best practice requires immediate assessment and updating of risk-related documents as soon as new risks or issues are identified. This includes working with the technical team to understand the impact, updating the risk register and project schedule, and communicating with stakeholders.
"When new risks or issues arise, project documents such as the risk register, schedule, and stakeholder communications should be updated promptly to ensure that stakeholders are informed and risk responses are integrated into project planning."
- PMBOK Guide, 6th Edition, Section 11.7 (Monitor Risks: Work Performance Information and Updates) This keeps the project adaptive and transparent.
References:
PMI PMBOK Guide, 6th Edition, Section 11.7
ISO 31000:2018, Section 6.7
NEW QUESTION # 57
A risk manager has to inform a project sponsor of the expected duration of an entire project. The project has three mam tasks, each with different probabilities of duration.
Which analytical tool should the risk manager use?
Answer: C
Explanation:
When a project comprises multiple tasks, each with varying probable durations, determining the overall project's expected duration necessitates an analytical approach that accounts for this variability. Monte Carlo simulation is a robust technique that performs this function effectively. By running numerous simulations, it models the probability of different outcomes in processes that involve random variables, such as task durations. This method provides a comprehensive view of possible project completion times and their associated probabilities, enabling more informed decision-making.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide emphasizes the utility of Monte Carlo simulations in project scheduling, stating that they "allow project managers to assess the impact of risk and uncertainty on project timelines by simulating various scenarios and their probabilities."
NEW QUESTION # 58
You are the project manager of the NNN project for your company. You and the project team are working together to plan the risk responses for the project. You feel that the team has successfully completed the risk response planning and now you must initiate what risk process it is. Which of the following risk processes is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily decreased?
Answer: B
NEW QUESTION # 59
You are the project manager of the NHH project for your company. You and the project team have completed the quantitative risk analysis for your project. During this process you create a contingency reserve based on the risk probability-impact matrix as seen in the figure below.
Based on the information in the figure above, what amount would you need to include in your risk contingency fund?
Answer: C
NEW QUESTION # 60
The project manager generates a monthly risk report for key stakeholders which documents high and medium risk items only. Where would the project manager find the list of recipients for the report?
Answer: B
NEW QUESTION # 61
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