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| Section | Weight | Objectives |
|---|---|---|
| Risk Monitoring and Reporting | 19% | - Update risk register and documents - Monitor identified risks and triggers - Track effectiveness of responses - Capture lessons learned - Communicate risk status to stakeholders - Identify new and emerging risks |
| Risk Identification | 23% | - Document risks and characteristics - Capture opportunities as well as threats - Apply identification techniques - Identify internal and external risks - Update risk register |
| Risk Response Planning | 13% | - Assign owners and responsibilities - Integrate responses into project plan - Develop response strategies for threats and opportunities - Select appropriate response actions |
| Risk Analysis | 23% | - Perform quantitative risk analysis - Use simulation and modeling techniques - Perform qualitative risk analysis - Prioritize risks - Assess probability and impact |
| Risk Strategy and Planning | 22% | - Define risk appetite, threshold, and tolerance - Create risk management plan - Develop risk management strategy - Integrate risk management into project lifecycle - Align risk management with organizational and project objectives |
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NEW QUESTION # 92
You are the project manager of the NHH Project for your company and you have completed the risk analysis processes for the risk events. You and the project team have created risk responses for most of the identified project risks. Now, you would like to assign risk owners to the events.
Which risk events should have risk response owners?
Answer: A
NEW QUESTION # 93
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: D
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 # 94
Kelly is the project manager of the BHH project for her organization. She is completing the risk identification process for this portion of her project. Which one of the following is the only thing that the risk identification process will create for Kelly?
Answer: C
NEW QUESTION # 95
A new risk manager has been assigned to a project experiencing delays, quality issues, low performance, and client complaints. The work is being completed with the client's vendor, which apparently has been causing all of the issues.
What should the risk manager do first?
Answer: B
Explanation:
The risk registry is a document that records the identified risks, their characteristics, their status, and their responses. It is a key input for risk management and a source of information for project stakeholders. The risk manager should review the risk registry first to understand the current state of the project risks, especially the ones related to the client's vendor, and to evaluate the effectiveness of the risk responses implemented so far.
Enhancing risk identification, reviewing the contingency reserves, and creating a risk response plan are possible actions that the risk manager may take after reviewing the risk registry, but they are not the first thing to do. References: PMI Risk Management Professional (PMI-RMP) Exam Content Outline1, PMI Practice Standard for Project Risk Management2, Risk Management Professional (PMI-RMP) Cert Guide3
NEW QUESTION # 96
A project is established to expand the marketing of a product line into other countries. Five markets have been identified where the product is expected to perform well. The project is 10 weeks from launch, and the risk manager is holding a risk-management meeting. During the meeting, one team member identifies a strict packaging requirement in one country, while another team member reports rumors of a possible exchange-rate shift in another country.
What should the risk manager do?
Answer: C
Explanation:
The strict packaging requirement is a known and mandatory condition that limits how the product must be prepared for the applicable market. It is therefore a constraint rather than an uncertain risk event.
A constraint is a limiting factor that affects the execution of a project, program, portfolio, or process. The requirement should be documented in the appropriate project documents and considered when planning product design, procurement, compliance, cost, and schedule activities.
The potential exchange-rate shift is uncertain and may vary over time. Exchange-rate movements are an example of volatility risk because the relevant variable can fluctuate within a range and affect project costs, revenue, pricing, profitability, or budget requirements.
The volatility risk should be documented in the risk register with information such as:
* The affected currency.
* Expected fluctuation range.
* Potential financial impact.
* Exposure period.
* Risk owner.
* Monitoring indicators.
* Risk threshold.
* Hedging or other response alternatives.
Option A is incorrect because the packaging requirement is not necessarily an issue. It is a known external requirement that must be incorporated into planning.
Option B is incorrect because the exchange-rate shift is not merely an assumption. It is an uncertain financial variable that can fluctuate and affect project objectives.
Option D is incorrect because the packaging requirement itself is not an uncertain event, and the exchange- rate shift has not yet occurred. Therefore, it should not be treated as a current issue.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.2, Identify Risks.
PMI, Practice Standard for Project Risk Management, guidance concerning constraints, assumptions, and sources of uncertainty.
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, guidance concerning volatility, variability, and uncertainty.
NEW QUESTION # 97
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