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| Section | Weight | Objectives |
|---|---|---|
| Stakeholder Engagement | 19-20% | - Promote risk awareness and understanding - Involve stakeholders in risk management process - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Collaborate with cross-functional teams - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Communicate risk information effectively - Manage stakeholder expectations regarding risks |
| Perform Specialized Risk Analyses | 14-16% | - Analyze complex risk scenarios and dependencies - Conduct specialized risk assessments (e.g., regulatory, compliance) - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) |
| Risk Monitoring and Reporting | 19-20% | - Evaluate risk response execution - Review risk audit results - Monitor identified and emerging risks - Track risk metrics and triggers - Report risk management performance - Capture lessons learned regarding risks - Update risk register and documentation |
| Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Identify risks using various techniques - Manage contingency reserves - Perform qualitative risk analysis - Plan risk responses - Perform quantitative risk analysis - Implement risk responses |
| Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Define risk thresholds and metrics - Develop risk management strategy - Integrate risk management into project lifecycle - Plan risk management activities |
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NEW QUESTION # 215
In a large industrial business, an on-going system development project faces a previously identified risk. The risk is adequately managed by the risk manager, however there is still residual risk.
What should the risk manager do?
Answer: A
Explanation:
Decision tree analysis is a technique that uses a graphical representation of various possible outcomes and consequences of different courses of action, based on their probabilities of occurrence and associated payoffs or costs. It can help the project team to compare and evaluate the alternatives and choose the optimal one. In this case, the risk manager should use decision tree analysis to help the team members predict the outcomes of their potential choices following their probability of occurrence. Political, economic, social, technological, legal, and environmental (PESTLE) analysis, strengths, weaknesses, opportunities, and threats (SWOT) analysis, and cost-benefit analysis are not techniques that can directly help the team members to predict the outcomes of their potential choices following their probability of occurrence, and are therefore not the best answer. References: PMI Risk Management Professional (PMI-RMP)Exam Content Outline1, PMI Practice Standard for Project Risk Management2, Risk Management Professional (PMI-RMP)Cert Guide3
NEW QUESTION # 216
Holly is the project manager of the NHQ project for her company. Her project sponsor, Tracy, has requested that Thomas, the department manager, from the Risk Management Department, will work with Holly to determine the effectiveness of the risk responses. Tracy and Thomas are concerned that some of the risks within Holly's project may not be addressed to depth they would like. In this scenario, who is responsible for ensuring that risk audits are performed at an appropriate frequency throughout the project?
Answer: A
NEW QUESTION # 217
Harold is the project manager of a large project in his organization. He has been actively communicating and working with the project stakeholders. One of the outputs of the manage stakeholder expectations process can actually create new risk events for Harold's project. Which output of the manage stakeholder expectations process can create risks?
Answer: B
NEW QUESTION # 218
A risk manager was recently hired to assist with a mid-sized infrastructure project. The risk manager becomes aware that they have an inexperienced project team.
What two items should the risk manager have their team review in order to prepare for an upcoming risk identification workshop? (Choose two.)
Answer: D,E
Explanation:
The risk manager should have their team review the scope of work and requirements to ensure they understand the project's objectives and deliverables. Additionally, reviewing the risk management plan will help the team understand the risk management process, roles, and responsibilities, and prepare for the risk identification workshop.
According to the PMBOKGuide - Sixth Edition1, the scope of work and requirements are key inputs for the risk identification process, as they define the project boundaries, deliverables, assumptions, and constraints. The risk management plan is also an essential input, as it provides the guidelines and framework for how risk management will be performed throughout the project. The other options are not relevant for risk identification, as they are either related to other processes (such as Monte Carlo analysis for quantitative risk analysis) or not directly related to the project risks (such as the list of pre-approved contractors or the organization chart for city permit department). References: PMBOKGuide - Sixth Edition, pages 397-398.
NEW QUESTION # 219
Which of the following processes looks at the complex web of actors, rules, conventions, processes, and mechanisms concerned with how relevant risk information is collected, analyzed and communicated, and how management decisions are taken?
Answer: C
NEW QUESTION # 220
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