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| Section | Weight | Objectives |
|---|---|---|
| Risk Monitoring and Reporting | 19% | - Monitor identified risks and triggers - Capture lessons learned - Communicate risk status to stakeholders - Track effectiveness of responses - Identify new and emerging risks - Update risk register and documents |
| Risk Strategy and Planning | 22% | - Align risk management with organizational and project objectives - Develop risk management strategy - Create risk management plan - Integrate risk management into project lifecycle - Define risk appetite, threshold, and tolerance |
| Risk Identification | 23% | - Update risk register - Capture opportunities as well as threats - Apply identification techniques - Document risks and characteristics - Identify internal and external risks |
| Risk Response Planning | 13% | - Assign owners and responsibilities - Select appropriate response actions - Integrate responses into project plan - Develop response strategies for threats and opportunities |
| Risk Analysis | 23% | - Assess probability and impact - Perform qualitative risk analysis - Use simulation and modeling techniques - Perform quantitative risk analysis - Prioritize risks |
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NEW QUESTION # 327
You are a risk auditor for your company. You are reviewing the contract types a project manager has used in her project. Of the following, which contract type has the most risk for the project manager as a buyer?
Answer: D
NEW QUESTION # 328
After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.
What should the risk manager do to facilitate the sponsor's ask?
Answer: B
Explanation:
Explanation
Quantitative risk analysis helps to numerically analyze the probability and impact of risks on project objectives. By performing quantitative risk analysis, the risk manager can present the risks with the most impact on achieving the project objectives to the project sponsor. (Reference: PMBOK Guide, 6th Edition, p.
423)
NEW QUESTION # 329
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: D
Explanation:
The project manager should discuss the risk response strategies with the stakeholders to handle 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 (PMBOK 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 # 330
SIMULATION
Fill in the blank with an appropriate phrase.
________is the study of how the variation (uncertainty) in the output of a mathematical model can be apportioned, qualitatively or quantitatively, to different sources of variation in the input of a model.
Answer:
Explanation:
Sensitivity analysis
NEW QUESTION # 331
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: B
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 # 332
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