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| Section | Objectives |
|---|---|
| Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Risk Identification | - Identifying Individual Risks - Overall Project Risk Identification |
| Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
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NEW QUESTION # 299
A project manager has determined that they cannot outsource work nor eliminate the scope. They also discover that they cannot buy insurance or mitigate the risk.
What should the project manager do?
Answer: C
Explanation:
Since the project manager cannot avoid, transfer, or mitigate the risk, the only remaining option is to accept the risk and develop a contingency plan to handle it if it occurs.
According to the PMI-RMP Exam Content Outline1, one of the tools and techniques for risk response planning is risk response strategies. These are the actions that the project manager and the project team take to address the identified risks, either positive or negative. For negative risks or threats, the PMI-RMP Exam Content Outline1 lists four possible strategies: avoid, transfer, mitigate, and accept.
* Avoid risk means changing the project plan to eliminate the threat or its impact2. For example, changing the scope, schedule, or budget to avoid a risk.
* Transfer risk means shifting the impact of a threat to a third party, such as a contractor, vendor, or insurer2. For example, buying insurance, outsourcing, or using performance bonds to transfer a risk.
* Mitigate risk means reducing the probability and/or impact of a threat2. For example, conducting more tests, adopting best practices, or providing training to mitigate a risk.
* Accept risk means acknowledging the existence of a threat and being willing to deal with its consequences2. For example, doing nothing, establishing a contingency reserve, or developing a contingency plan to accept a risk.
In this question, the project manager has determined that they cannot outsource work (transfer) nor eliminate the scope (avoid). They also discover that they cannot buy insurance (transfer) or mitigate the risk. Therefore, the only remaining option is to accept the risk. Accepting the risk does not mean ignoring the risk, but rather recognizing it and preparing for its potential occurrence and impact. Therefore, the best answer is D.
References: 1: PMI-RMP Exam Content Outline, page 9. 2: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 443.
NEW QUESTION # 300
You are the project manager of a large construction project. You are evaluating the strengths, weaknesses, opportunities, and threats involved in a project. In which of the following processes are you on?
Answer: A
Explanation:
Explanation
NEW QUESTION # 301
Donna is the project manager of the QSD Project and she believes Risk Event D in the following figure is likely to happen.
If this event does happen, how much will Donna have left in the risk contingency reserve if none of the other risk events have happened?
Answer: C
NEW QUESTION # 302
There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?
Answer: D
NEW QUESTION # 303
A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.
What is an effect of adding the correlation to the model?
Answer: B
Explanation:
Adding correlation to the model accounts for the relationship between activities, which can result in increased variability in the model's outcomes. This will increase the standard deviation, which is a measure of the uncertainty in the model.
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 simulation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simulation 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 simulation. 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.
References:
* PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
* Risk Management Professional (PMI-RMP) Exam Cert Guide2
NEW QUESTION # 304
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