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| Section | Objectives |
|---|---|
| Topic 1: Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Topic 2: Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Topic 3: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Topic 4: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Topic 5: Risk Identification | - Identifying Individual Risks - Overall Project Risk Identification |
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NEW QUESTION # 82
A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?
Answer: A
Explanation:
The first thing the risk manager should do is analyze the situation and meet with the risk owner. This will allow the risk manager to understand the challenges faced by the risk owner and work with them to find a solution. Conducting a cost-benefit analysis or changing the risk response strategy may be necessary, but it is important to first understand the situation before taking any action.
According to the PMI-RMP Exam Content Outline, one of the tasks in the domain of Risk Response Planning is to "assist the risk owners in developing and implementing risk response strategies and actions based on the agreed-upon risk response plan". Therefore, the first thing the risk manager should do is to analyze the situation and meet with the risk owner to understand the root cause of the challenges and the cost overrun, and to discuss possible solutions or alternatives. Highlighting this situation to the project manager, conducting a cost-benefit analysis, or changing the risk response strategy are possible actions that can be taken after the analysis and meeting, but not before. References: PMI-RMP Exam Content Outline, Domain 3: Risk Response Planning, Task 31
NEW QUESTION # 83
When considering human factors and risk attitudes relative to the risk process, which approach should be used to influence the risk management process for optimal effects at the individual and group levels?
Answer: D
Explanation:
Explanation/Reference:
NEW QUESTION # 84
Ben is the project manager of the YHT Project for his company. Alice, one of his team members, is confused about when project risks will happen in the project. Which one of the following statements is the most accurate about when project risk happens?
Answer: B
NEW QUESTION # 85
Holly is the project manager of the NHQ project for her company. Her project sponsor, Tracy, has requested that Thomas, the department manager, from the Risk Management Department, will work with Holly to determine the effectiveness of the risk responses. Tracy and Thomas are concerned that some of the risks within Holly's project may not be addressed to depth they would like. In this scenario, who is responsible for ensuring that risk audits are performed at an appropriate frequency throughout the project?
Answer: C
NEW QUESTION # 86
A complex project that had hundreds of risks is almost done. The project manager is closing the risks as part of the closing process. One team member mentions that there are important documents to be updated.
Which document will need to be updated?
Answer: D
Explanation:
Explanation
When closing risks as part of the closing process, it is important to update the lessons learned document. This document captures the knowledge and experience gained during the project and can be valuable for future projects.
NEW QUESTION # 87
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