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To be eligible for the PMI-RMP certification exam, candidates must have a minimum of 3 years of experience in risk management and 40 hours of formal risk management education. Candidates must also pass the PMI-RMP certification exam, which is a challenging exam that requires a thorough understanding of risk management concepts and techniques. The PMI-RMP Certification is valid for three years and requires the candidate to earn 30 professional development units (PDUs) in the area of risk management to maintain their certification.
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NEW QUESTION # 305
A risk manager is implementing a risk-response plan for a manufacturing project. The plan includes adding another supplier to reduce supply-chain disruption risks. Despite this measure, both suppliers frequently experience logistics disruptions because of increased traffic conditions.
What should the risk manager do?
Answer: A
Explanation:
The logistics disruption is no longer merely an uncertain future event. The scenario states that both suppliers are frequently experiencing disruptions. Therefore, the risk has materialized and should be treated as a current issue.
When an identified or previously unplanned risk occurs, the project team should:
* Record the condition in the issue log.
* Assess its immediate effect on project objectives.
* Assign an issue owner.
* Develop and implement corrective action.
* Create a workaround when no suitable planned response exists.
* Update the risk register and risk report.
* Determine whether residual or secondary risks remain.
* Escalate the matter if it exceeds project authority or thresholds.
A workaround is an unplanned response developed to manage a threat that has occurred when the existing response is inadequate or no suitable contingency response is available.
Option A is not the best answer because a residual risk is the exposure that remains after a response has been implemented. Although the traffic exposure may represent residual risk, the repeated disruptions have already occurred and now require issue management and corrective action.
Option C is incorrect because management reserves should not automatically be used. Reserve use requires proper authorization and should be based on the organization's governance procedures and the nature of the unknown or emergent work.
Option D is incorrect because acceptance is a deliberate risk-response strategy selected after analysis. The risk manager should not passively accept an active disruption that is affecting project delivery.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.6, Implement Risk Responses.
PMI, PMBOK Guide-Sixth Edition, Section 11.7, Monitor Risks.
PMI, Practice Standard for Project Risk Management, guidance concerning materialized risks, issues, residual risks, and workarounds.
NEW QUESTION # 306
Courtney is the project manager for her organization. She is working with the project team to complete the qualitative risk analysis for her project. During the analysis Courtney encourages the project team to begin the grouping of identified risks by common causes. What is the primary advantage to group risks by common causes during qualitative risk analysis?
Answer: D
NEW QUESTION # 307
A risk manager is reviewing documentation for a project following a risk planning workshop with project stakeholders and team members. Several items have been identified on the risk log that would be detrimental to project success, but the associated triggers cannot be managed by the organization and are unlikely to occur.
Which response should the risk manager recommend for these risk items?
Answer: D
Explanation:
According to the PMI Risk Management Professional (PMI-RMP)® Examination Content Outline1, one of the tasks in the domain of Risk Response is to recommend risk response strategies based on the risk appetite and tolerance of the organization and stakeholders1. One of the strategies for negative risks or threats is risk acceptance, which involves acknowledging the existence of a threat and making a conscious decision to accept it without taking any action2. In this scenario, the risk manager should recommend risk acceptance for the risk items that would be detrimental to project success, but the associated triggers cannot be managed by the organization and are unlikely to occur. Risk acceptance is appropriate when the risk exposure is low, the cost of other responses is high, or the risk response is outside the scope or influence of the project3. The risk manager should not recommend risk mitigation, which involves reducing the probability and/or impact of a threat2. The risk manager should not recommend risk enhancement, which is a strategy for positive risks or opportunities, not negative risks or threats2. The risk manager should not recommend risk exploitation, which is also a strategy for positive risks or opportunities, not negative risks or threats2. References: 1: PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, page 102: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 4363: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 437.
NEW QUESTION # 308
You are the project manager of the GHY project for your company. This project has a budget of $543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?
Answer: C
NEW QUESTION # 309
You are the project manager of the NHJ project for your company. This project has a budget at completion of
$1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule. Management would like to know, based on current performance, what the estimate at completion for this project will be.
What is the estimate at completion?
Answer: D
NEW QUESTION # 310
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