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| Section | Objectives |
|---|---|
| Topic 1: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Topic 2: Risk Identification | - Identifying Individual Risks - Overall Project Risk Identification |
| Topic 3: Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
| Topic 4: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Topic 5: Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
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NEW QUESTION # 116
A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described.
What is critical for the risk manager to consider when describing the causes?
Answer: D
Explanation:
Explanation
When describing the causes of a risk, it is critical for the risk manager to ensure that the causes represent actual conditions, as this will help in the accurate identification and assessment of the.
NEW QUESTION # 117
You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?
Answer: A
NEW QUESTION # 118
A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second supplier.
What type of risk is this?
Answer: B
Explanation:
This is a secondary risk because it is a risk that arises as a direct result of implementing a risk response (in this case, procuring material from a different supplier).
A secondary risk is a risk that arises as a direct result of implementing a risk response to a specific risk. In this case, the risk response is to procure the material from a different supplier if the first supplier fails to deliver on time. The secondary risk is that there may be differences in the material provided by the first and second supplier, which could affect the quality, cost, or schedule of the project. A secondary risk is different from a residual risk, which is a risk that remains after a risk response has been implemented. A primary risk is the original risk that triggers a risk response. A normal risk is not a standard term in risk management, but it could refer to a risk that is expected or inherent in a project. References: PMI Risk Management Professional (PMI- RMP) Examination Content Outline and Specifications1, page 9; A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 397; Secondary vs Residual Risk | Types of Risks on the PMP Exam.
NEW QUESTION # 119
A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second supplier.
What type of risk is this?
Answer: B
Explanation:
Explanation
This is a secondary risk because it is a risk that arises as a direct result of implementing a risk response (in this case, procuring material from a different supplier).
NEW QUESTION # 120
You are the project manager of the GGK project for your company. The GGK project has a budget of $1,265,100 and is currently 40 percent complete. In this project, you elected to add labor to the project to increase the likelihood of completing the project early as the project was only scheduled to be 35 percent complete at this time. This positive risk response, while keeping the project ahead of schedule, has added significant costs to the project. You have already spent $575,000 to reach this point in the project. Management would like to know what your cost performance index and the schedule performance index is for this project. What are these values?
Answer: D
NEW QUESTION # 121
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