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| Section | Objectives |
|---|---|
| Topic 1: Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Topic 2: Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
| Topic 3: Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Topic 4: Risk Identification | - Identifying Individual Risks - Overall Project Risk Identification |
| Topic 5: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
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NEW QUESTION # 202
A risk manager and relevant stakeholders have completed a risk response plan for a project. They have identified and planned responses to the known risks; however, a risk owner has identified and reported some residual risks not previously addressed.
What should the risk manager do first?
Answer: A
Explanation:
Residual risks are the risks that remain after the risk response plan has been implemented. They are the risks that are accepted by the project team and stakeholders as part of the project. Residual risks may have low probability or impact, but they still need to be monitored and controlled throughout the project. The first thing that the risk manager should do when a risk owner identifies and reports some residual risks is to analyze, document, and communicate them to the relevant stakeholders. The risk manager should assess the probability and impact of the residual risks, and determine if they require any further response or contingency plan. The risk manager should also update the risk register and the risk report with the information about the residual risks, and share them with the stakeholders who need to be aware of them. This will help the project team and stakeholders to be prepared for any potential occurrence of the residual risks, and to take appropriate actions if needed. Reference: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 94-95, 101.
NEW QUESTION # 203
A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.
What should the project risk manager monitor closely?
Answer: C
Explanation:
The project risk manager should monitor risk thresholds closely, as they represent the organization's risk appetite. In a project with a low risk appetite, it is essential to ensure that risks are managed within the defined thresholds to address stakeholders' concerns and maintain their confidence in the project's success.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, risk thresholds are the measure of acceptable variation around an objective that reflects the risk appetite of the organization1. Risk appetite is the degree of uncertainty an entity is willing to take on in anticipation of a reward2. In this case, the project has a significant impact on the organization and the stakeholders have a low risk appetite, meaning they are not willing to accept much deviation from the project objectives. Therefore, the project risk manager should monitor the risk thresholds closely to ensure that the project risks do not exceed the acceptable level of variation and impact the project performance negatively. By monitoring the risk thresholds, the project risk manager can also identify when risk responses are needed and evaluate their effectiveness.
References: 1: PMI, Practice Standard for Project Risk Management, 2009, p. 20 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 720
NEW QUESTION # 204
A project team has just initiated a large project to move an organization's headquarters to another location.
The risk manager has scheduled a risk identification session but notices that the project charter, work breakdown structure (WBS). and scope statement are not available.
What should the risk manager consider?
Answer: A
Explanation:
According to the PMI-RMP Exam Content Outline1, one of the tasks in the domain of risk identification is to
"review project documents, assumptions, and constraints, and understand the project environment and organizational factors to identify risks". The project charter, work breakdown structure (WBS), and scope statement are essential project documents that provide information about the project objectives, deliverables, requirements, assumptions, and constraints. Without these elements, the risk manager will have difficulty identifying and evaluating the risks that may affect the project. Therefore, the best answer is D. References:
1: PMI-RMP Exam Content Outline, page 7.
NEW QUESTION # 205
You work as the project manager for BlueWell Inc. You are monitoring the project performance. You want to make a decision to change the project plan to eliminate a risk in order to protect the project objectives. Which of the following strategies will you use to tackle the risk?
Answer: C
NEW QUESTION # 206
Joan is the project manager of the BTT project for her company. She has worked with her project to create risk responses for both positive and negative risk events within the project. As a result of this process Joan needs to update the project document updates. She has updated the assumptions log as a result of the findings and risk responses, but what other documentation will need to be updated as an output of risk response planning?
Answer: B
NEW QUESTION # 207
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