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| Section | Weight | Objectives |
|---|---|---|
| Stakeholder Engagement | 19-20% | - Collaborate with cross-functional teams - Promote risk awareness and understanding - Involve stakeholders in risk management process - Facilitate risk workshops and meetings - Negotiate risk ownership and accountability - Build consensus on risk response strategies - Communicate risk information effectively - Manage stakeholder expectations regarding risks - Identify stakeholders and their risk tolerance |
| Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Implement risk responses - Manage contingency reserves - Plan risk responses - Identify risks using various techniques - Perform qualitative risk analysis - Perform quantitative risk analysis |
| Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Develop risk management strategy - Plan risk management activities - Define risk thresholds and metrics - Integrate risk management into project lifecycle |
| Risk Monitoring and Reporting | 19-20% | - Update risk register and documentation - Report risk management performance - Capture lessons learned regarding risks - Monitor identified and emerging risks - Evaluate risk response execution - Track risk metrics and triggers - Review risk audit results |
| Perform Specialized Risk Analyses | 14-16% | - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Conduct specialized risk assessments (e.g., regulatory, compliance) - Analyze complex risk scenarios and dependencies |
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NEW QUESTION # 164
Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others. What should the project manager do?
Answer: B
Explanation:
The project manager should implement the risk handling strategies for the risks that occur more frequently, as this will help reduce their impact on the project and improve overall project performance.
Exploit is a positive risk response strategy that aims to ensure that the opportunity is realized 1. It involves eliminating the uncertainty associated with a particular upside risk and making it happen 2. For example, if there is an opportunity to reduce the project cost by using a cheaper supplier, the project manager can exploit it by signing a contract with the supplier and securing the savings. Exploit is the opposite of avoid, which is a negative risk response strategy that seeks to eliminate the threat or protect the project from its impact 2.
The other options are not appropriate for taking full advantage of opportunities. Mitigate is a negative risk response strategy that reduces the probability and/or impact of a threat 2. It is the opposite of enhance, which is a positive risk response strategy that increases the probability and/or impact of an opportunity 1. Accept is a risk response strategy that involves acknowledging the risk and not taking any action unless the risk occurs 2.
It can be applied to both threats and opportunities, but it does not actively pursue them. Transfer is a negative risk response strategy that shifts the impact of a threat to a third party, along with ownership of the response 2. It is the opposite of share, which is a positive risk response strategy that allocates ownership of an opportunity to a third party who is best able to capture it for the benefit of the project 1.
eferences: 1: How To Exploit and Enhance Project Opportunities - Project Risk Coach 2 2: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 443-4451
NEW QUESTION # 165
The primary advantage of using decision-tree analysis in project risk management is that it______________
Answer: B
Explanation:
As a graphical way to bring together information, decision-tree analysis quantifies the likelihood of failure and places a value on each decision. Usually applied to cost and time considerations, this form of risk analysis may be linked to a sensitivity analysis. [Planning] PMI®, PMBOK® Guide, 2013, 339 Wide man 1992, C-2 and C-3
NEW QUESTION # 166
A risk manager works with the project team, senior management team, subject matter experts and other stakeholders to identify the project risks. Which of the following tools/methods from the risk management plan can be used to identify a risk, which is based on project objectives by category?
Answer: D
NEW QUESTION # 167
A newly assigned risk manager realizes that a project has unrealistic funding and low resources. Which document should the risk manager review?
Answer: D
Explanation:
When a risk manager realizes that a project has unrealistic funding and low resources, the appropriate document to review is the Project Management Plan. The Project Management Plan includes detailed information about the project's budget, resources, and overall strategy. By reviewing this plan, the risk manager can identify any discrepancies between the planned and actual resources and funding, allowing them to assess the associated risks and take necessary corrective actions.
PMI's standards indicate that the Project Management Plan is the primary document that outlines how the project will be executed, monitored, and controlled, including how resources and budgets are allocated.
NEW QUESTION # 168
A risk manager is integrated into a team overseeing a crucial software development project. During the information gathering phase, the risk manager notices significant weaknesses in the maturity of the risk management process. The team needs to establish a more structured approach to managing risks, including the documentation of strategies, ownership structures, and details about the organization's project risk baseline.
What should the risk manager do?
Answer: C
Explanation:
A risk management plan is the foundational document for risk management. It defines processes, ownership, strategies, and baselines, and must be developed first before other detailed risk actions. PMBOK Guide specifies:
"The risk management plan is the key document that outlines the approach, processes, roles, responsibilities, and documentation requirements for risk management."
- PMBOK Guide, 6th Edition, Section 11.1
References:
PMBOK Guide, 6th Edition, Section 11.1
NEW QUESTION # 169
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