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| Section | Weight | Objectives |
|---|---|---|
| Risk Strategy and Planning | 19-20% | - Plan risk management activities - Integrate risk management into project lifecycle - Develop risk management strategy - Define risk thresholds and metrics - Establish risk management policies and procedures |
| Stakeholder Engagement | 19-20% | - Negotiate risk ownership and accountability - Communicate risk information effectively - Collaborate with cross-functional teams - Promote risk awareness and understanding - Involve stakeholders in risk management process - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Facilitate risk workshops and meetings - Manage stakeholder expectations regarding risks |
| Perform Specialized Risk Analyses | 14-16% | - Conduct specialized risk assessments (e.g., regulatory, compliance) - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Analyze complex risk scenarios and dependencies |
| Risk Monitoring and Reporting | 19-20% | - Evaluate risk response execution - Report risk management performance - Track risk metrics and triggers - Update risk register and documentation - Monitor identified and emerging risks - Review risk audit results - Capture lessons learned regarding risks |
| Risk Process Facilitation | 25-28% | - Manage contingency reserves - Evaluate risk response effectiveness - Perform quantitative risk analysis - Perform qualitative risk analysis - Plan risk responses - Implement risk responses - Identify risks using various techniques |
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NEW QUESTION # 186
A risk manager recently had to take an unexpected leave of absence. An interim risk manager has been tasked with completing risk planning for a new project. The interim risk manager has been provided with a strength, weaknesses, opportunities, and threats (SWOT) analysis that was completed during a project kickoff meeting several weeks ago.
What should the interim risk manager do to derive actionable risk responses from the SWOT analysis?
Answer: D
Explanation:
The SWOT analysis provides a broad overview of the project's strengths, weaknesses, opportunities, and threats. The next step for the interim risk manager is to break down these items into specific risks, categorized as threats (negative risks) or opportunities (positive risks). This classification allows for targeted risk response planning and aligns with PMI's risk management processes, which advocate for a clear identification and categorization of risks to derive actionable responses.
NEW QUESTION # 187
While planning for project execution phase stakeholders are making decisions on how to respond to known and new risks. What artifact should the stakeholders prepare?
Answer: C
Explanation:
Explanation
The stakeholders should prepare a risk-adjusted backlog when making decisions on how to respond to known and new risks. A risk-adjusted backlog helps prioritize work items based on their risk level and potential impact on the project.
A risk-adjusted backlog is an artifact that reflects the prioritization of the product backlog items based on their risk exposure. It is used to plan for the execution phase of an agile project, where the stakeholders can decide how to respond to known and new risks by selecting the most valuable and least risky items to deliver. A risk-adjusted backlog can help the stakeholders to optimize the value delivery and reduce the uncertainty of the project outcomes. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 113; PMI, Agile Practice Guide, 2017, p. 54.
NEW QUESTION # 188
In a large mobile network deployment project, there is delay risk due to insufficient staffing. The risk manager is considering executing a response plan, which involves allowing staff members to work overtime. However, this action may lead to excessive additional cost.
What should the risk manager do?
Answer: B
NEW QUESTION # 189
The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.
How should this documentation be utilized in the future?
Answer: A
Explanation:
Documenting the results of the risk monitoring and controlling process is important for creating lessons learned. This helps future projects by providing a reference for risk management practices and experiences.
The documentation of the results of monitoring and controlling risks is a valuable source of information for lessons learned. Lessons learned are the documented information that reflects both the positive and negative experiences of a project. They represent the organization's commitment to project management excellence and the project manager's opportunity to learn from the actual experiences of others. By documenting the results of monitoring and controlling risks, the project team can capture the effectiveness of the risk responses, the changes in the risk exposure, the root causes of the risks, the best practices and the lessons learned for future projects. This documentation can help to improve the risk management process, enhance the project performance, and increase the organizational knowledge base. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications1, page 10; A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 406; Lessons learned - PMI.
NEW QUESTION # 190
A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds.
What should the project manager do next?
Answer: C
Explanation:
Explanation
The project manager should complete an assessment of the high-impact risks and confirm the response with the project sponsors (C) since the organization has a low risk appetite for this project. This approach ensures that the sponsors are aware of the situation and can provide guidance on how to proceed. This is in line with PMI's PMBOK Guide, Sixth Edition.
NEW QUESTION # 191
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