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| Section | Weight | Objectives |
|---|---|---|
| Risk Strategy and Planning | 19-20% | - Define risk thresholds and metrics - Develop risk management strategy - Plan risk management activities - Establish risk management policies and procedures - Integrate risk management into project lifecycle |
| Risk Monitoring and Reporting | 19-20% | - Monitor identified and emerging risks - Update risk register and documentation - Track risk metrics and triggers - Review risk audit results - Capture lessons learned regarding risks - Evaluate risk response execution - Report risk management performance |
| Perform Specialized Risk Analyses | 14-16% | - Analyze complex risk scenarios and dependencies - Conduct specialized risk assessments (e.g., regulatory, compliance) - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) |
| Risk Process Facilitation | 25-28% | - Perform quantitative risk analysis - Identify risks using various techniques - Plan risk responses - Perform qualitative risk analysis - Evaluate risk response effectiveness - Manage contingency reserves - Implement risk responses |
| Stakeholder Engagement | 19-20% | - Manage stakeholder expectations regarding risks - Promote risk awareness and understanding - Facilitate risk workshops and meetings - Build consensus on risk response strategies - Negotiate risk ownership and accountability - Communicate risk information effectively - Identify stakeholders and their risk tolerance - Collaborate with cross-functional teams - Involve stakeholders in risk management process |
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NEW QUESTION # 23
A project team has completed the risk identification steps in a project and compiled a list of 25 risks. The team wants to create response plans for all the risks to avoid any future issues, but the resources and constraints limit the options.
What should the risk manager do?
Answer: D
NEW QUESTION # 24
The project manager of a project in trouble actively participates in a project risk assessment. After the assessment is complete, the project manager receives the final results.
What is the best recommended action to be taken from this point onward?
Answer: A
Explanation:
Explanation
NEW QUESTION # 25
In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.
How should the project manager address this concern with the health authorities?
Answer: C
Explanation:
The project manager should assess and record associated secondary risks and proceed to treat them as any other risks. This involves identifying and evaluating the potential negative health effects of using pesticides and developing a plan to mitigate these risks. While it is important to consider the concerns of residents, the health authorities have determined that not moving forward with the plan will have more serious consequences on public health.
Secondary risks are those that arise as a direct outcome of implementing a risk response. In this case, the use of pesticides is a risk response to limit the risks of harmful insects, but it may also cause negative health effects to some residents. This is a secondary risk that needs to be assessed and recorded in the risk register, along with its probability, impact, and response plan. The project manager should not suspend the project, as this would ignore the primary risk of harmful insects. The project manager should not consult with health experts to provide a risk trigger, as this is not a valid risk management technique. A risk trigger is an indication that a risk event is about to occur or has occurred, not a condition that prevents a risk response from being implemented. The project manager should not proceed with the project as normal, as this would neglect the secondary risk and its potential consequences. The project manager should follow the risk management process and treat the secondary risk as any other risk in the project. Reference: PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition. Chapter 11: Project Risk Management, p. 408. 5
NEW QUESTION # 26
Gary is the project manager of his organization. He is managing a project that is similar to a project his organization completed recently. Gary has decided that he will use the information from the past project to help him and the project team to identify the risks that may be present in the project. Management agrees that this checklist approach is ideal and will save time in the project. Which of the following statement is most accurate about the limitations of the checklist analysis approach for Gary?
Answer: A
NEW QUESTION # 27
A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.
What is an effect of adding the correlation to the model?
Answer: A
Explanation:
Adding correlation to the model accounts for the relationship between activities, which can result in increased variability in the model's outcomes. This will increase the standard deviation, which is a measure of the uncertainty in the model.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because:
Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities. For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected.
A Monte Carlo schedule risk analysis is a simul-ation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simul-ation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable.
Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simul-ation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation.
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP) Exam Cert Guide2
NEW QUESTION # 28
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