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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Implement risk responses - Perform qualitative risk analysis - Perform quantitative risk analysis - Identify risks using various techniques - Manage contingency reserves - Plan risk responses |
| Topic 2: Stakeholder Engagement | 19-20% | - Build consensus on risk response strategies - Communicate risk information effectively - Negotiate risk ownership and accountability - Identify stakeholders and their risk tolerance - Manage stakeholder expectations regarding risks - Collaborate with cross-functional teams - Promote risk awareness and understanding - Facilitate risk workshops and meetings - Involve stakeholders in risk management process |
| Topic 3: Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Integrate risk management into project lifecycle - Develop risk management strategy - Define risk thresholds and metrics - Plan risk management activities |
| Topic 4: Risk Monitoring and Reporting | 19-20% | - Report risk management performance - Update risk register and documentation - Monitor identified and emerging risks - Evaluate risk response execution - Review risk audit results - Capture lessons learned regarding risks - Track risk metrics and triggers |
| Topic 5: Perform Specialized Risk Analyses | 14-16% | - Conduct specialized risk assessments (e.g., regulatory, compliance) - Analyze complex risk scenarios and dependencies - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) |
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NEW QUESTION # 125
Which of the following processes must be repeated after Plan Risk Responses, as well as part of the Monitor and Control Risks, to determine if the overall project risk has been satisfactorily decreased?
Answer: A
NEW QUESTION # 126
The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently.
What should the project manager do regarding those risks?
Answer: A
Explanation:
Explanation
If the project manager realizes that some risks have not been updated recently, they should review the risk register to check for new risks and ensure that all risks are accurately documented and updated.
NEW QUESTION # 127
Your organization has a project that is expected to last 20 months but the customer would really like the project completed in 18 months. You have worked on similar projects in the past and
believe that you could fast track the project and reach the 18 month deadline. What increases when you fast track a project?
Answer: A
NEW QUESTION # 128
A project manager has determined that they cannot outsource work nor eliminate the scope. They also discover that they cannot buy insurance or mitigate the risk.
What should the project manager do?
Answer: C
Explanation:
Since the project manager cannot avoid, transfer, or mitigate the risk, the only remaining option is to accept the risk and develop a contingency plan to handle it if it occurs.
According to the PMI-RMP Exam Content Outline1, one of the tools and techniques for risk response planning is risk response strategies. These are the actions that the project manager and the project team take to address the identified risks, either positive or negative. For negative risks or threats, the PMI-RMP Exam Content Outline1 lists four possible strategies: avoid, transfer, mitigate, and accept.
* Avoid risk means changing the project plan to eliminate the threator its impact2. For example, changing the scope, schedule, or budget to avoid a risk.
* Transfer risk means shifting the impact of a threat to a third party, such as a contractor, vendor, or insurer2. For example, buying insurance, outsourcing, or using performance bonds to transfer a risk.
* Mitigate risk means reducing the probability and/or impact of a threat2. For example, conducting more tests, adopting best practices, or providing training to mitigate a risk.
* Accept risk means acknowledging the existence of a threat and being willing to deal with its consequences2. For example, doing nothing, establishing a contingency reserve, or developing a contingency plan to accept a risk.
In this question, the project manager has determined that they cannot outsource work (transfer) nor eliminate the scope (avoid). They also discover that they cannot buy insurance (transfer) or mitigate the risk. Therefore, the only remaining option is to accept the risk. Accepting the risk does not mean ignoring the risk, but rather recognizing it and preparing for its potential occurrence and impact. Therefore, the best answer is D.
References: 1: PMI-RMP Exam Content Outline, page 9. 2: A Guide to the Project Management Body of Knowledge (PMBOKยฎ Guide) - Sixth Edition, page 443.
NEW QUESTION # 129
Lamont is the project manager of a project that has recently finished the final project deliverables.
The project customer has signed off on the project deliverable and Lamont has a few administrative closure activities to complete. In the project, there were several large risks that could have wrecked the project but Lamont and his project team found some creative methods to resolve the risks without affecting the project costs or project end date. What should Lamont do with the risk responses he identified during the project's monitoring and controlling process?
Answer: B
NEW QUESTION # 130
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