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| Section | Objectives |
|---|---|
| Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
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NEW QUESTION # 327
Mary is the project manager of PKT project. In Mary's project there are certain enterprise environmental factors that require Mary to use modeling and simulation techniques to predict the likelihood of achieving cost and schedule objectives in the project. Mary is using a technique for which the cost estimates are chosen at random for each iteration of the analysis, such as pessimistic, most likely, and worst-case scenarios. What type of analysis is Mary using in this project?
Answer: B
NEW QUESTION # 328
There is confusion among risk action owners on a project about when and under which conditions they should initiate risk responses. Project team members often need to consult with the risk manager to get this conflict resolved.
What should the risk manager do to resolve this recurring situation?
Answer: B
Explanation:
When there is confusion among risk action owners about when to initiate risk responses, it suggests that the risk thresholds and triggers may not be well-defined or understood. Revisiting and clarifying these thresholds and triggers can help ensure that everyone involved understands the specific conditions under which a risk response should be initiated. This will reduce confusion and ensure that risk responses are executed consistently and appropriately.
PMI's risk management practices emphasize the importance of clearly defined risk thresholds and triggers to guide the timely and effective implementation of risk responses.
NEW QUESTION # 329
During a company's audit, it is found that no risk management information exists within the lessons learned database. What could the company do to increase the amount of risk management organizational process assets?
Answer: A
NEW QUESTION # 330
A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.
What should the project team do next?
Answer: D
Explanation:
Explanation
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all the subsidiary plans and baselines from the project management processes1. The project management plan should be updated whenever there are changes in the project scope, schedule, cost, quality, resources, communications, risks, procurements, or stakeholder engagement2. In this case, the project team has decided to log the opportunities in the current project's risk register, which is a component of the project management plan. Opportunities are positive risks that may have a beneficial effect on the project objectives, such as cost savings, schedule acceleration, or quality improvement3. Therefore, the project team should update the project management plan to ensure the results of the opportunities are captured and reflected in the relevant subsidiary plans and baselines. For example, if an opportunity leads to a cost saving, the project team should update the cost management plan and the cost baseline accordingly.
References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 89 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 123 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 397
NEW QUESTION # 331
Which of the following processes involves choosing the alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan?
Answer: D
NEW QUESTION # 332
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