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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Identification | 23% | - Document risks and characteristics - Capture opportunities as well as threats - Identify internal and external risks - Apply identification techniques - Update risk register |
| Topic 2: Risk Monitoring and Reporting | 19% | - Communicate risk status to stakeholders - Track effectiveness of responses - Capture lessons learned - Identify new and emerging risks - Update risk register and documents - Monitor identified risks and triggers |
| Topic 3: Risk Analysis | 23% | - Use simulation and modeling techniques - Perform qualitative risk analysis - Perform quantitative risk analysis - Assess probability and impact - Prioritize risks |
| Topic 4: Risk Response Planning | 13% | - Integrate responses into project plan - Develop response strategies for threats and opportunities - Select appropriate response actions - Assign owners and responsibilities |
| Topic 5: Risk Strategy and Planning | 22% | - Create risk management plan - Align risk management with organizational and project objectives - Develop risk management strategy - Define risk appetite, threshold, and tolerance - Integrate risk management into project lifecycle |
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NEW QUESTION # 46
A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event?
Answer: A
NEW QUESTION # 47
While consolidating risks across projects, the risk manager identifies several medium-impact risks that, when aggregated, could materially affect the enterprise ' s cash-flow stability. The risk manager must advise senior management about the factors that would elevate these risks to the enterprise level.
Which two factors should the risk manager provide? (Choose 2.)
Answer: A,B
Explanation:
Enterprise-level significance can emerge from aggregation even when individual project risks are only medium impact. Senior management needs to understand how the risks interact and the total exposure they create across the portfolio.
Risk interdependencies and correlations show whether several risks may occur together, share common causes, amplify one another, or concentrate exposure in the same time period. Cumulative financial exposure translates the combined effect into an enterprise-relevant measure such as cash-flow volatility, liquidity pressure, reserve needs, or potential loss.
Individual project rankings do not reveal the combined effect. Duration may be relevant to timing but is insufficient by itself. Risk ownership is important for accountability, but it does not establish why the risks should be elevated to the enterprise level.
Therefore, the risk manager should provide interdependency and correlation information together with cumulative financial exposure.
Why the other options are not the best answers:
A). Project-level rankings do not show aggregate enterprise exposure.
C). Duration alone does not establish materiality or correlation.
E). Ownership supports management but does not quantify enterprise significance.
References:
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, guidance on aggregation and escalation.
PMI, The Standard for Portfolio Management, guidance on portfolio-level risk exposure.
PMI, PMBOK Guide-Sixth Edition, Section 11.4, Perform Quantitative Risk Analysis.
NEW QUESTION # 48
A new risk manager has been hired on a project and meets with the project director. The project director supplies the project's risk register and asks the risk manager for an analysis of its effectiveness.
What two actions should the risk manager do next? (Choose two.)
Answer: A,E
Explanation:
The risk manager should first check the risk register for proper risk classification, probability, and impact (C), as these are essential components of an effective risk management process. Next, the risk manager should ensure that the risk origin, triggering events, and ownership are identified (D), as this information helps in assigning responsibilities and taking appropriate actions for each risk. References to these steps can be found in the Project Management Institute's (PMI) A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition.
The risk manager should check for risk classification and that probability and impact are identified, as these are essential elements of a risk register. Risk classification helps to group risks into categories based on their sources, types, or impacts, which can facilitate risk analysis and response planning. Probability and impact are the two dimensions of risk assessment, which help to measure the likelihood and severity of a risk event, and to prioritize risks based on their significance. The risk manager should also check to ensure that risk origin, triggering event, and ownership is identified, as these are also important components of a risk register. Risk origin refers to the root cause or source of a risk, which can help to understand the nature and characteristics of a risk, and to devise effective risk responses. Triggering event is a specific occurrence or condition that indicates that a risk event has occurred or is about to occur, which can help to monitor and control risks.
Ownership is the assignment of a risk to a person or a group who is responsible for managing the risk, which can help to ensure accountability and communication. The risk manager should not check to ensure that the risk is supported by a Monte Carlo simulation, as this is not a mandatory or universal requirement for a risk register. Monte Carlo simulation is a quantitative risk analysis technique that uses computer-generated random scenarios to model the possible outcomes of a project, based on the probability distributions of the input variables. While this technique can provide useful information about the overall project risk exposure and the probability of achieving project objectives, it is not a necessary or sufficient condition for an effective risk register. The risk manager should not check to ensure that the risks are gathered using Delphi technique, as this is also not a compulsory or exclusive requirement for a risk register. Delphi technique is a qualitative risk identification technique that uses a panel of experts to anonymously provide their opinions on potential risks, which are then aggregated and refined through a series of rounds until a consensus is reached. While this technique can help to elicit expert judgment and reduce bias, it is not the only or the best way to identify risks. The risk manager should not check to ensure the risk meeting agenda and supporting documents are distributed, as this is not a relevant or appropriate action for analyzing the effectiveness of a risk register. The risk meeting agenda and supporting documents are part of the risk management plan, which describes how the project team will conduct risk management activities, such as identifying, analyzing, responding, and monitoring risks. The risk meeting agenda and supporting documents are useful for planning and conducting risk meetings, but they are not part of the risk register, which is the output of the risk identification process and the input for the risk analysis and response processes. References: PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition. Chapter 11: Project Risk Management, pp. 395-454. 5
NEW QUESTION # 49
You are the project manager of the GHY project. In your organization you must follow certain enterprise environmental factors that establish the rules for risk management . One of the policies your project must adhere to requires periodic rapid analysis of risks within the project. These rapid, cost-effective session must be documented and performed monthly. What type of analysis are you required to perform according to your enterprise environmental factors?
Answer: D
NEW QUESTION # 50
What is the purpose of mitigating negative risks as a part of the risk response process?
Answer: B
NEW QUESTION # 51
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