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| Section | Weight | Objectives |
|---|---|---|
| Risk Analysis | 23% | - Prioritize risks - Use simulation and modeling techniques - Perform quantitative risk analysis - Assess probability and impact - Perform qualitative risk analysis |
| Risk Response Planning | 13% | - Develop response strategies for threats and opportunities - Assign owners and responsibilities - Integrate responses into project plan - Select appropriate response actions |
| Risk Monitoring and Reporting | 19% | - Capture lessons learned - Identify new and emerging risks - Track effectiveness of responses - Update risk register and documents - Monitor identified risks and triggers - Communicate risk status to stakeholders |
| Risk Identification | 23% | - Identify internal and external risks - Document risks and characteristics - Capture opportunities as well as threats - Apply identification techniques - Update risk register |
| Risk Strategy and Planning | 22% | - Define risk appetite, threshold, and tolerance - Develop risk management strategy - Align risk management with organizational and project objectives - Integrate risk management into project lifecycle - Create risk management plan |
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NEW QUESTION # 147
A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop.
What should the risk manager do next to visually organize the risks?
Answer: B
Explanation:
Explanation
An affinity diagram is a tool used to visually organize and group risks or ideas based on their similarities and categories. It helps in structuring the risks for further analysis and discussion. (Reference: PMBOK Guide, 6th Edition, p. 138) According to the PMBOK Guide, an affinity diagram is a tool and technique for the identify risks process that allows large numbers of ideas to be sorted into groups for review and analysis. An affinity diagram can help the risk manager to visually organize the risks identified in the pre-workshop survey by grouping them into categories based on their similarities or common characteristics. This can help the risk manager to facilitate the risk analysis and prioritization in the workshop, as well as to stimulate new patterns of thinking and generate additional risks.
Some of the other options are not relevant or appropriate for the question scenario:
The analytical hierarchy process is a technique for the plan risk management process that provides a method for comparing and ranking alternatives based on multiple criteria. It is not a tool for visually organizing risks.
A SWOT analysis is a technique for the identify risks process that examines the project from the perspective of its strengths, weaknesses, opportunities, and threats. It is not a tool for visually organizing risks, but rather for generating them.
Assigning probability and impact is a technique for the perform qualitative risk analysis process that assesses the likelihood and the potential effect of each individual risk on the project objectives. It is not a tool for visually organizing risks, but rather for evaluating them.
References: PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442; PMI-RMP Exam Content Outline, 2015, page 7.
NEW QUESTION # 148
A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations.
The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear.
What should the risk manager advise the project manager?
Answer: A
Explanation:
In this situation, the departure of a key project resource was an anticipated risk, and a transition plan was established as a response. However, implementing this plan has introduced new risks, known as secondary risks, which may impact the completion dates of other project-related tasks. According to PMI's risk management framework, it's essential to address these secondary risks in alignment with the predefined risk management plan. This involves assessing the new risks' probabilities and impacts, determining appropriate response strategies, and updating the risk register accordingly. By systematically managing secondary risks as outlined in the risk management plan, the project manager can mitigate potential adverse effects on the project's schedule and objectives.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide highlights the necessity of managing secondary risks, stating that "secondary risks should be identified, analyzed, and planned for in the same manner as primary risks, ensuring that all potential threats to project objectives are adequately addressed."
NEW QUESTION # 149
During a meeting with a project team, a project manager asks a risk manager to determine the risk events that could potentially have the most impact on a 2-year project with a budget of US$800 000. Which approach should the risk manager suggest the project manager take?
Answer: D
Explanation:
Sensitivity analysis is a quantitative risk analysis technique used to determine how variations in individual project risks affect project objectives, such as cost, schedule, or performance. By analyzing the sensitivity of these variables, the project team can identify which risks have the most significant potential impact on the project. This information is crucial for prioritizing risk responses and allocating resources effectively.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Content Outline includes sensitivity analysis as a key technique in performing quantitative risk analysis, aiding in the identification of high-impact risks that require focused attention.
NEW QUESTION # 150
In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.
How should the project manager address this concern with the health authorities?
Answer: B
Explanation:
Explanation
The project manager should assess and record associated secondary risks and proceed to treat them as any other risks. This involves identifying and evaluating the potential negative health effects of using pesticides and developing a plan to mitigate these risks. While it is important to consider the concerns of residents, the health authorities have determined that not moving forward with the plan will have more serious consequences on public health.
NEW QUESTION # 151
During a risk identification process in a construction project, the lack of space to install air conditioners is raised as a risk with high impact. Which is an example of an early risk trigger?
Answer: C
Explanation:
Explanation
A risk trigger is an indication or warning sign that a risk is about to occur or has occurred. A risk trigger can be an event, a condition, or a situation that signals the onset of a risk. A risk trigger can help the project team to identify and respond to risks in a timely manner. In this case, the lack of space to install air conditioners is a risk with high impact on the project. A potential need to share the space with other machinery is an example of an early risk trigger, because it indicates that the space issue may become a problem in the future. If the project team detects this trigger, they can take proactive actions to avoid or mitigate the risk, such as finding an alternative location, modifying the design, or negotiating with the stakeholders. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 102-103.
NEW QUESTION # 152
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