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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Monitoring and Reporting | 19% | - Communicate risk status to stakeholders - Monitor identified risks and triggers - Track effectiveness of responses - Update risk register and documents - Capture lessons learned - Identify new and emerging risks |
| Topic 2: Risk Response Planning | 13% | - Integrate responses into project plan - Select appropriate response actions - Assign owners and responsibilities - Develop response strategies for threats and opportunities |
| Topic 3: Risk Analysis | 23% | - Perform quantitative risk analysis - Assess probability and impact - Use simulation and modeling techniques - Perform qualitative risk analysis - Prioritize risks |
| Topic 4: Risk Identification | 23% | - Apply identification techniques - Update risk register - Document risks and characteristics - Identify internal and external risks - Capture opportunities as well as threats |
| Topic 5: Risk Strategy and Planning | 22% | - Align risk management with organizational and project objectives - Develop risk management strategy - Integrate risk management into project lifecycle - Create risk management plan - Define risk appetite, threshold, and tolerance |
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NEW QUESTION # 91
A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created.
Which risk identification technique should the risk manager use?
Answer: B
Explanation:
The risk identification technique that the risk manager should use is the nominal group technique. This technique involves bringing stakeholders together to brainstorm potential risks and then ranking them based on their importance. This allows for interaction and collaboration among stakeholders, which can help ensure that an exhaustive list of risks is created.
The nominal group technique is a risk identification technique that involves the interaction and collaboration of stakeholders to generate an exhaustive list of risks. It is a structured process that allows each participant to share their ideas independently, then rank and prioritize them as a group. This technique ensures that all opinions are considered and reduces the influence of dominant or biased individuals12 Reference:
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NEW QUESTION # 92
Tracy is the project manager of the NLT Project for her company. The NLT Project is scheduled to last 14 months and has a budget at completion of $4,555,000. Tracy's organization will receive a bonus of $80,000 per day that the project is completed early up to $800,000. Tracy realizes that there are several opportunities within the project to save on time by crashing the project work. Crashing the project is what type of risk response?
Answer: B
NEW QUESTION # 93
In the early stages of a manufacturing project, a risk manager has identified a risk with a component provided by an external supplier that might be delayed. The delay may or may not be significant to the project.
What should the risk manager do?
Answer: C
Explanation:
Setting risk thresholds in collaboration with stakeholders ensures clarity on what is considered tolerable risk.
PMBOK Guide and ISO 31000 state:
"Risk thresholds reflect the degree of risk that stakeholders are willing to accept. These should be defined collaboratively at the start of the project."
- PMBOK Guide, 6th Edition, Section 11.1
"The organization should define its risk criteria and thresholds, in consultation with stakeholders."
- ISO 31000:2018, Section 6.3
References:
PMBOK Guide, 6th Edition, Section 11.1
ISO 31000:2018, Section 6.3
NEW QUESTION # 94
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: A
NEW QUESTION # 95
A project team does not understand why a very low probability risk occurred during project execution. The team was especially vigilant about planning for this type of risk during the risk planning phase. The project has been delayed by 2 months, and the stakeholders are considering canceling the project. The risk manager needs to demonstrate that the project can be concluded.
Which analysis should the risk manager perform to demonstrate this to the stakeholders'?
Answer: B
Explanation:
In this scenario, a low-probability risk has occurred, leading to a significant project delay. To demonstrate to stakeholders that the project can still be concluded successfully, it's essential to identify the root cause of this unexpected event. An Ishikawa diagram, also known as a fishbone diagram or cause-and-effect diagram, is a tool that helps in identifying the various potential causes of a specific problem or effect. By systematically exploring all possible causes, the project team can pinpoint the underlying issues that led to the risk event.
Understanding these root causes enables the team to implement corrective actions and preventive measures, thereby assuring stakeholders of the project's viability and the team's commitment to addressing unforeseen challenges effectively.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide emphasizes the importance of root cause analysis in risk management, stating that tools like the Ishikawa diagram are instrumental in uncovering the fundamental reasons behind unexpected risk events, which is crucial for developing effective mitigation strategies.
NEW QUESTION # 96
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