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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Strategy and Planning | 22% | - Develop risk management strategy - Align risk management with organizational and project objectives - Create risk management plan - Define risk appetite, threshold, and tolerance - Integrate risk management into project lifecycle |
| Topic 2: Risk Response Planning | 13% | - Develop response strategies for threats and opportunities - Assign owners and responsibilities - Select appropriate response actions - Integrate responses into project plan |
| Topic 3: Risk Monitoring and Reporting | 19% | - Monitor identified risks and triggers - Track effectiveness of responses - Communicate risk status to stakeholders - Capture lessons learned - Update risk register and documents - Identify new and emerging risks |
| Topic 4: Risk Identification | 23% | - Apply identification techniques - Update risk register - Identify internal and external risks - Document risks and characteristics - Capture opportunities as well as threats |
| Topic 5: Risk Analysis | 23% | - Prioritize risks - Assess probability and impact - Use simulation and modeling techniques - Perform qualitative risk analysis - Perform quantitative risk analysis |
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NEW QUESTION # 37
You are the project manager of the NHJ project for your company. This project has a budget at completion of $1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule.
Management would like to know, based on current performance, what the estimate at completion for this project will be. What is the estimate at completion?
Answer: A
NEW QUESTION # 38
You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?
Answer: A
NEW QUESTION # 39
While planning for project execution phase stakeholders are making decisions on how to respond to known and new risks. What artifact should the stakeholders prepare?
Answer: A
Explanation:
The stakeholders should prepare a risk-adjusted backlog when making decisions on how to respond to known and new risks. A risk-adjusted backlog helps prioritize work items based on their risk level and potential impact on the project.
A risk-adjusted backlog is an artifact that reflects the prioritization of the product backlog items based on their risk exposure. It is used to plan for the execution phase of an agile project, where the stakeholders can decide how to respond to known and new risks by selecting the most valuable and least risky items to deliver.
A risk-adjusted backlog can help the stakeholders to optimize the value delivery and reduce the uncertainty of the project outcomes. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 113; PMI, Agile Practice Guide, 2017, p. 54.
NEW QUESTION # 40
The project managers implementing a computer interface to facilitate communications between to ticketing systems for two major companies in the IT industry. During the Plan Risk Response process, the project team agrees on the contingency plan that should mitigate the negative impact of the risk. However, during the project execution, one of the subject matter experts identifies a residual risk that was not taken into consideration during the risk response planning session, but could potentially affect the project schedule baseline.
What should the risk manager do to handle this residual risk?
Answer: A
NEW QUESTION # 41
Some issues and unexpected results were found after completing the first phase of a project. The project team is planning the next phase and team members want to avoid the previous issues.
What should the risk manager do to avoid the previous issues?
Answer: A
Explanation:
Explanation
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, one of the tasks in the domain of Risk Identification is to use the information from project documents, lessons learned, and other sources to facilitate the risk identification process1. A risk workshop is a tool and technique for risk identification that involves bringing together the project team, stakeholders, subject matter experts, and risk management experts to identify and analyze the project risks in a structured and collaborative manner2. In this scenario, the risk manager should use the information from the issues and unexpected results found in the first phase of the project for a risk workshop, to avoid the previous issues in the next phase. The risk workshop will help the risk manager and the project team to identify the root causes of the issues, assess their probability and impact, and develop appropriate risk responses. The risk workshop will also enable the risk manager to update the risk register and the risk report with the new information and communicate the risk status to the relevant stakeholders. The risk manager should not improve monitoring and controlling of activities, because that is not a specific action to avoid the previous issues, but rather a general practice that should be done throughout the project life cycle3. The risk manager should not document the issues in the lessons learned, because that is not enough to avoid the previous issues, but rather a way to capture and share the knowledge gained from the project for future reference4. The risk manager should not create an issue log to share with the team, because that is not a proactive risk management technique, but rather a reactive way to track and resolve the issues that have already occurred5. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 82: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 4003: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 4564: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 1005: What Is an Issue Log? Templates & Tips6.
NEW QUESTION # 42
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