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| Section | Objectives |
|---|---|
| Topic 1: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 2: Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Topic 3: Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Topic 4: Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Topic 5: Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
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NEW QUESTION # 231
The Project Risk Management knowledge area focuses on which of the following processes? Each correct answer represents a complete solution. Choose all that apply.
Answer: B,C,D
NEW QUESTION # 232
A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event?
Answer: D
NEW QUESTION # 233
The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities. How will the risk manager accomplish this?
Answer: A
Explanation:
Explanation
The risk manager can ensure the organizational process assets (OPAs) are updated as a result of risk management activities by arranging periodic risk management process audits. These audits help evaluate the effectiveness of risk management processes and identify areas of improvement, leading to updates in the OPAs.
According to the PMBOK Guide, one of the tools and techniques for the monitor risks process is audits.
Audits are examinations of the risk management processes to ensure that they are aligned with the project objectives and are following the organizational policies and procedures. Audits can also identify any gaps, inconsistencies, or areas of improvement in the risk management activities. By conducting periodic audits, the risk manager can ensure that the organizational process assets are updated and reflect the current state of the project risk management. Some of the organizational process assets that can be updated as a result of audits are risk management templates, risk categories, risk databases, and lessons learned1 . References: PMBOK Guide, 6th edition, pages 456-457, 481-4821; PMI-RMP Exam Content Outline, 2015, page 9
NEW QUESTION # 234
A project manager for a predictive project just received a scope change request where additional development is required. What should the risk manager do to support the project manager with this scope change request?
Answer: D
Explanation:
According to the PMBOK Guide, a scope change request is a formal proposal to modify any project document, deliverable, or baseline. It is an output of the Perform Integrated Change Control process, which is the process of reviewing all change requests, approving changes, and managing changes to the deliverables, organizational process assets, project documents, and the project management plan. A scope change request may introduce new risks or affect existing risks on the project, which may impact the project objectives, such as scope, schedule, cost, and quality.
The risk manager should support the project manager with the scope change request by evaluating any new risks that are introduced due to the change in scope. This is because the risk manager is responsible for planning, implementing, and monitoring the risk management activities on the project, as well as communicating and reporting the risk information to the project manager and other stakeholders. The risk manager should use the appropriate risk identification and analysis techniques, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, probability and impact assessment, etc., to identify and evaluate the new risks that may arise from the scope change. The risk manager should also document the new risks in the risk register, which is a project document that contains the details of all identified individual project risks and other relevant information.
The other options are not valid for what the risk manager should do to support the project manager with the scope change request:
Update the risk management plan to reflect the scope change: This is not a valid option because the risk management plan is a component of the project management plan, which describes how risk management activities will be structured and performed on the project. It is an output of the Plan Risk Management process, which is the process of defining how to conduct risk management activities for a project. The risk management plan should not be updated to reflect the scope change, but rather to reflect any changes in the risk management approach, methodology, roles and responsibilities, budget, timing, risk categories, definitions, reporting formats, etc. The risk management plan should be updated only when there is a change in the risk management process, not in the project scope.
Reassess the identified risks that impact the project scope: This is not a valid option because reassessing the identified risks that impact the project scope is part of the Monitor Risks process, which is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The risk manager should not reassess the identified risks that impact the project scope before evaluating any new risks that are introduced due to the change in scope. The risk manager should first identify and analyze the new risks, and then reassess the existing risks to determine if they are still valid, relevant, and prioritized.
Update the risk register to identify, analyze, and plan a response for any new risk: This is not a valid option because updating the risk register to identify, analyze, and plan a response for any new risk is a combination of several risk management processes, such as Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, and Plan Risk Responses. The risk manager should not update the risk register to identify, analyze, and plan a response for any new risk in one step, but rather follow the sequential and iterative risk management processes to ensure a comprehensive and consistent risk management approach.
The risk manager should also coordinate and communicate with the project manager and other stakeholders when updating the risk register, as well as obtain their approval and input.
PMBOK Guide1, Risk Management Professional (PMI-RMP) Cert Guide1
NEW QUESTION # 235
During project planning, a risk is identified for which the risk manager has defined a mitigation strategy.
Later during project execution, this risk still leaves substantial residual risk.
What should the risk manager do to handle this situation?
Answer: A
Explanation:
If a risk still leaves substantial residual risk after implementing the mitigation strategy, the risk manager should revisit the risk register and redefine the mitigation strategy to reduce the residual risk to an acceptable level.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because:
* Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities. For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected.
* A Monte Carlo schedule risk analysis is a simul-ation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simul- ation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable.
* Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simul-ation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation.
:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP)®Exam Cert Guide2
NEW QUESTION # 236
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