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| Section | Objectives |
|---|---|
| Topic 1: Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
| Topic 2: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Topic 3: Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Topic 4: Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Topic 5: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
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NEW QUESTION # 214
You are the project manager of the GHG project. You are preparing for the quantitative risk analysis process. You are using organizational process assets to help you complete the quantitative risk analysis process. Which one of the following is NOT a valid reason to utilize organizational process assets as a part of the quantitative risk analysis process?
Answer: B
NEW QUESTION # 215
A core project team is completing unrelated tasks in advance to reduce the risk of delay caused by an external team failing to complete its assigned tasks on time. The core project team has completed all possible unrelated tasks but cannot move forward because the external team's tasks have not yet been completed.
What should the risk manager do next?
Answer: A
Explanation:
A verbatim extract cannot be authenticated without access to the applicable official PMI Risk Manager study guide or source document. The PMI-aligned explanation is as follows:
The project team previously implemented a response by completing unrelated tasks in advance. This response reduced some potential delay, but it did not fully address the dependency on the external team.
The external team's delay is now preventing further progress. This indicates that the existing risk response may have reached its limit, a risk trigger may have occurred, or the risk may now require a contingency or fallback response.
The risk owners should therefore review the risk-response plan to determine:
* Whether the identified risk has occurred.
* Whether the planned response was implemented correctly.
* Whether the response remains effective.
* Whether a contingency plan should now be activated.
* Whether a fallback plan is required.
* Whether residual or secondary risks have emerged.
* Whether the risk should be escalated.
* Whether corrective action or a change request is necessary.
* Whether the risk register and risk report require updates.
Option A is premature because schedule crashing adds resources or costs to shorten activities. The team should not crash the schedule before reviewing the approved risk response, dependencies, authority, and available alternatives.
Option B is incorrect because risk transfer normally requires a prior contractual or financial arrangement. A risk cannot simply be transferred after the delay has occurred by assigning responsibility to the external team.
Option C is not the best next step because sufficient evidence already exists that the dependency is affecting progress. Additional quantitative analysis may be useful, but the immediate action is to review and activate the appropriate response.
Option D is correct because risk owners are accountable for monitoring assigned risks and ensuring that approved responses, contingency actions, or fallback plans are implemented when required.
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 risk triggers, contingency plans, fallback plans, risk ownership, and response effectiveness.
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, guidance concerning risk monitoring, accountability, escalation, and corrective action.
NEW QUESTION # 216
You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involvs five distinct phases, how often should risk identification take place?
Answer: B
NEW QUESTION # 217
A high-profile, high-priority project within your organization is being created. Management wants you to pay special attention to the project risks and do all that you can to ensure that all of the risks are identified early in the project. Management has to ensure that this project succeeds.
Management's risk aversion in this project is associated with what term?
Answer: C
NEW QUESTION # 218
During the project's lifecycle, project risk managers must monitor any risks and address risk responses. What does this level of monitoring consist of?
Answer: B
Explanation:
Monitoring risks during a project's lifecycle involves tracking identified risks and ensuring that response plans remain viable and effective. This continuous monitoring helps ensure that the project is prepared to address risks as they arise and that the risk response strategies remain appropriate as the project progresses. PMI guidelines stress the importance of ongoing risk monitoring to adapt to changes in the project environment and to ensure that the project remains on track to meet its objectives.
NEW QUESTION # 219
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