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| Section | Weight | Objectives |
|---|---|---|
| Risk Strategy and Planning | 19-20% | - Plan risk management activities - Establish risk management policies and procedures - Develop risk management strategy - Define risk thresholds and metrics - Integrate risk management into project lifecycle |
| Risk Monitoring and Reporting | 19-20% | - Track risk metrics and triggers - Evaluate risk response execution - Report risk management performance - Update risk register and documentation - Review risk audit results - Capture lessons learned regarding risks - Monitor identified and emerging risks |
| Stakeholder Engagement | 19-20% | - Manage stakeholder expectations regarding risks - Identify stakeholders and their risk tolerance - Build consensus on risk response strategies - Negotiate risk ownership and accountability - Involve stakeholders in risk management process - Collaborate with cross-functional teams - Promote risk awareness and understanding - Communicate risk information effectively - Facilitate risk workshops and meetings |
| Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Implement risk responses - Perform quantitative risk analysis - Identify risks using various techniques - Perform qualitative risk analysis - Plan risk responses - Manage contingency reserves |
| Perform Specialized Risk Analyses | 14-16% | - Conduct specialized risk assessments (e.g., regulatory, compliance) - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Analyze complex risk scenarios and dependencies |
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NEW QUESTION # 65
When performing a risk analysis, a risk manager identifies not only negative risks but also positive risks, which might bring added value to the project. What should the risk manager do next?
Answer: D
Explanation:
The correct answer is B. Analyze the risks and add them to the risk register to continue the process.
In project risk management, risks include both threats and opportunities . Positive risks are legitimate project risks because they can create beneficial outcomes if properly understood and managed. Once these positive risks are identified, the next step is not to isolate them from the normal process, but to document them in the risk register and continue analysis and management activities just as with negative risks.
This answer is correct because it reflects the normal risk management flow:
* identify risks, including opportunities and threats,
* document them in the risk register,
* analyze and prioritize them,
* develop suitable response strategies.
Why the other options are incorrect:
* A. Prioritize opportunities as they are likely to bring benefits to the project. Opportunities should certainly be evaluated and prioritized, but first they must be formally captured and analyzed within the project's risk management process. The broader and more correct next step is to analyze and record them in the risk register.
* C. Create a separate project to exclusively manage positive risks and threats. This is unnecessary and contrary to normal practice. Positive and negative risks are managed within the same project risk framework.
* D. Assign separate stakeholder groups for positive risks and negative risks. Separate stakeholder groups are not required simply because risks are positive or negative. Risk ownership should be based on relevance, authority, and capability, not on whether the risk is an opportunity or a threat.
Best-practice reasoning:
A mature risk management process treats opportunities and threats as part of the same structured system. Both should be identified, documented, analyzed, monitored, and responded to in alignment with project objectives.
Reference-aligned basis:
This answer is consistent with standard risk management guidance that emphasizes:
* risks may be positive or negative,
* all identified risks should be recorded in the risk register,
* analysis continues after identification for both opportunities and threats.
References:
PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide) , Identify Risks and Project Risk Management PMI, Practice Standard for Project Risk Management ISO 31000, risk as the effect of uncertainty on objectives
NEW QUESTION # 66
Fill in the blank with an appropriate phrase.
________is the study of how the variation (uncertainty) in the output of a mathematical model can be apportioned, qualitatively or quantitatively, to different sources of variation in the input of a model.
Answer: A
NEW QUESTION # 67
Which of the following situational factors has a significant effect on risk attitude?
Answer: C
NEW QUESTION # 68
What should the risk owner use as an effective information-gathering technique during the planning session?
Answer: A
Explanation:
Brainstorming is an effective information-gathering technique used during risk planning sessions to identify potential risks, opportunities, and responses. It encourages open dialogue among team members, fostering the generation of diverse ideas and perspectives. This collaborative approach ensures a comprehensive identification of risks, as participants build upon each other's insights, leading to a more robust risk management plan.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide emphasizes the value of brainstorming in risk identification, noting that it "promotes the free flow of ideas, enabling teams to uncover a wide array of potential risks and responses."
NEW QUESTION # 69
During the execution phase of a construction project, a risk-response strategy is implemented to mitigate the risk of supply-chain disruptions. However, the response creates a secondary risk of increased logistics costs.
What should the risk manager do to address the new risk of increased logistics costs?
Answer: D
Explanation:
The increased logistics-cost exposure is a secondary risk because it arises directly from implementing the response to the original supply-chain threat. Secondary risks should be documented, assessed, assigned, and given an appropriate response just like other identified risks.
Among the available options, developing a contingency plan is the most generally applicable response. It prepares the project to manage the financial consequences if the logistics-cost risk occurs, and it can be linked to defined triggers, responsibility, and authorized contingency funding.
Acceptance would only be appropriate after analysis confirms that the exposure is within approved thresholds and that no more cost-effective response is justified. Switching suppliers could undermine the original supply- chain mitigation and may introduce new quality, schedule, or contractual risks. A cost-sharing arrangement could be considered, but it depends on supplier agreement and contractual feasibility and is not necessarily available.
The risk manager should also update the risk register with the secondary risk, its cause, probability, impact, owner, trigger conditions, planned contingency action, and any residual exposure.
Why the other options are not the best answers:
A). Acceptance cannot be assumed without analysis and authorization.
B). Changing suppliers may reintroduce the primary disruption risk.
C). Cost sharing is a possible transfer mechanism, but it depends on a negotiated agreement.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.5, Plan Risk Responses.
PMI, PMBOK Guide-Sixth Edition, treatment of secondary risks and contingency plans.
PMI, Practice Standard for Project Risk Management, guidance on response planning and secondary risk.
NEW QUESTION # 70
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