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| Section | Weight | Objectives |
|---|---|---|
| Risk Response Planning | 13% | - Integrate responses into project plan - Select appropriate response actions - Develop response strategies for threats and opportunities - Assign owners and responsibilities |
| Risk Identification | 23% | - Capture opportunities as well as threats - Document risks and characteristics - Apply identification techniques - Identify internal and external risks - Update risk register |
| Risk Strategy and Planning | 22% | - Align risk management with organizational and project objectives - Define risk appetite, threshold, and tolerance - Integrate risk management into project lifecycle - Create risk management plan - Develop risk management strategy |
| Risk Monitoring and Reporting | 19% | - Communicate risk status to stakeholders - Track effectiveness of responses - Monitor identified risks and triggers - Capture lessons learned - Update risk register and documents - Identify new and emerging risks |
| Risk Analysis | 23% | - Perform quantitative risk analysis - Prioritize risks - Perform qualitative risk analysis - Use simulation and modeling techniques - Assess probability and impact |
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NEW QUESTION # 280
After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team. This is a major issue and will cause a 2-week delay in the project.
How could the risk manager have avoided the board's response?
Answer: D
Explanation:
According to the PMBOK Guide, risk prioritization is the process of assigning a level of importance to each identified risk based on its probability and impact, as well as other factors such as urgency, stakeholder tolerance, and project objectives. Risk prioritization helps the project team to focus on the most significant risks and allocate resources accordingly. One of the tools and techniques for risk prioritization is stakeholder engagement, which involves involving the key stakeholders in the risk analysis and decision making process. Stakeholder engagement helps to ensure that the risk prioritization reflects the expectations and preferences of the stakeholders, and that they are aware of and agree with the results. By engaging the key stakeholders during the prioritization process, the risk manager could have avoided the board's request to sort the risks differently, as the board would have been part of the process and would have accepted the outcome. Reference: = PMBOK Guide, 6th edition, pages 406-407; The Standard for Risk Management in Portfolios, Programs, and Projects, page 67.
NEW QUESTION # 281
Bill is the project manager of the JKH Project. He and the project team have identified a risk event in the project with a high probability of occurrence and the risk event has a high cost impact on the project. Bill discusses the risk event with Virginia, the primary project customer, and she decides that the requirements surrounding the risk event should be removed from the project. The removal of the requirements does affect the project scope, but it can release the project from the high risk exposure. What risk response has been enacted in this project?
Answer: C
NEW QUESTION # 282
A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?
Answer: A
Explanation:
The project manager should consider stakeholders' positions and opinions regarding the project's output when engaging stakeholders. This approach helps to address stakeholders' concerns, expectations, and potential objections, and it can lead to better decision-making and more successful project outcomes. It is important for the project manager to maintain open communication with stakeholders and to be responsive to their needs and perspectives.
According to the PMI Risk Management Professional (PMI-RMP)Examination Content Outline, one of the tasks under the domain of stakeholder engagement is to "engage stakeholders by communicating with them to understand their positions and opinions regarding the project's output, and to ensure that their interests are considered in the risk management process" (Task 1.3). This implies that the project manager should consider stakeholders' perspectives and expectations when engaging them, and not ignore, exclude, or impose on them. Therefore, option D is the correct answer.
Option A is incorrect because not all stakeholders need to be involved in the project's governance, which is the set of policies, processes, and procedures that define how the project is managed and controlled. The project's governance should be determined by the project sponsor and the project management office (PMO), and only include those stakeholders who have authority and responsibility for the project's success.
Option B is incorrect because communicating response strategies to all stakeholders is not a stakeholder engagement activity, but a risk communication activity. The project manager should communicate response strategies to the relevant stakeholders who are assigned to implement or monitor them, and not to all stakeholders indiscriminately.
Option C is incorrect because ignoring any risks beyond stakeholders' tolerance is not a stakeholder engagement activity, but a risk attitude activity. The project manager should identify and assess all risks that may affect the project's objectives, regardless of stakeholders' tolerance levels. The project manager should also consult with stakeholders to determine their risk appetite, threshold, and attitude, and use this information to prioritize and respond to risks accordingly.
NEW QUESTION # 283
Henry is the project manager of the QBG Project for his company. This project has a budget of $4,576,900 and is expected to last 18 months to complete. The CIO, a stakeholder in the project, has introduced a scope change request for additional deliverables as part of the project work. What component of the change control system would review the proposed changes' impact on the features and functions of the project's product?
Answer: D
Explanation:
Explanation/Reference:
NEW QUESTION # 284
A mitigation plan was implemented because of the risk of delays involving a major supplier. The plan successfully reduced the probability of the primary risk but left a residual risk involving reduced float in the procurement schedule. Based on the latest schedule forecast, the residual risk has caused the project schedule to exceed the established threshold.
What should the risk manager do first?
Answer: C
Explanation:
The risk manager should first reassess the residual risk using the latest schedule information. The original mitigation response changed the risk's probability and consequences, and the recent forecast indicates that the remaining exposure may now exceed the approved threshold.
The reassessment should determine:
* The revised probability of delay.
* The revised schedule impact.
* The amount of remaining schedule float.
* The risk's urgency and proximity.
* Dependencies affected by the delay.
* Whether the established threshold has been exceeded.
* Whether the existing response remains effective.
* Whether contingency or fallback actions are required.
* Whether the risk should be escalated.
Once the revised exposure is confirmed, the risk manager can take the appropriate action under the risk management plan. If the exposure exceeds the project's authority or tolerance, escalation may then be required.
Option A may become necessary, but escalation should be based on a validated assessment and the escalation criteria defined in the risk management plan.
Option B is incorrect because a watchlist is generally used for lower-priority risks that do not require immediate active management. A risk that may have exceeded the schedule threshold requires reassessment and potentially active treatment.
Option C is premature because the risk manager must confirm whether the contingency trigger has occurred and whether the planned contingency remains appropriate.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.7, Monitor Risks.
PMI, PMBOK Guide-Sixth Edition, guidance concerning residual risk, risk reassessment, thresholds, and escalation.
PMI, Practice Standard for Project Risk Management, guidance concerning response effectiveness and revised exposure.
NEW QUESTION # 285
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