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| Section | Objectives |
|---|---|
| Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
| Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
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NEW QUESTION # 318 
A regional vendor for custom manufactured steel oil derricks is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to properly install the deep water structure. It takes 65 days to transport the deep water structures for each platform from the manufacturing facility to the installation site at a cost of US$155,000 per day. The monsoon season runs from May to September each year and is a known risk for placement of the oil platforms. There is an incentive clause in the contract that will provide a USS1,500,000 payment, if all 40 platforms are in place and ready for use by 5 January 2016.
What is the probability of receiving this incentive?
Answer: A
NEW QUESTION # 319
Ted is the project manager of the HRR project for his company. Management has asked that Ted periodically reviews the contingency reserve as risk events happen, pass, or are still pending.
What is the purpose of reviewing the contingency reserve?
Answer: D
NEW QUESTION # 320
During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing. What should the risk manager do?
Answer: C
Explanation:
The risk manager should include an escalation process in the risk management plan to address risks that may impact other projects. This ensures that any identified risks that could affect multiple projects are communicated and managed appropriately across the organization.
The risk manager should include an escalation process in the risk management plan to deal with risks that may affect other projects or the organization as a whole. An escalation process is a set of procedures that defines how and when risks should be communicated to higher levels of authority or responsibility for decision making or resolution. The escalation process should specify the criteria, roles, responsibilities, and communication channels for escalating risks. The risk manager should follow the escalation process when identifying risks that may have extensive impacts beyond the scope of the project. The other options are not appropriate actions for the risk manager to take. Contacting the risk managers of the other projects and informing them is not sufficient, as it does not ensure that the risks are properly addressed or resolved. Taking note of the extensive impact of these risks in the risk register is not enough, as it does not involve the necessary stakeholders or decision makers. Addressing the unique characteristics of these risks on a case-by- case basis is not consistent, as it does not follow a standard process or protocol. References: 2, 3, 4
NEW QUESTION # 321
You are the project manager of the NHQ project for your company. You are working with your project team to complete a risk audit. A recent issue that your project team responded to, and management approved, was to increase the project schedule because there was risk surrounding the installation time of a new material. Your logic was that with the expanded schedule there would be time to complete the installation without affecting downstream project activities. What type of risk response is being audited in this scenario?
Answer: C
NEW QUESTION # 322
During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing. What should the risk manager do?
Answer: C
Explanation:
Explanation
The risk manager should include an escalation process in the risk management plan to address risks that may impact other projects. This ensures that any identified risks that could affect multiple projects are communicated and managed appropriately across the organization.
NEW QUESTION # 323
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