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| Section | Objectives |
|---|---|
| Topic 1: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Topic 2: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 3: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Topic 4: Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Topic 5: Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
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NEW QUESTION # 312
Mary is the project manager of the HGH Project for her company. She and her project team have agreed that if the vendor is late by more than ten days they will cancel the order and hire the NBG Company to fulfill the order. The NBG Company can guarantee orders within three days, but the costs of their products are significantly more expensive than the current vendor. What type of a response strategy is this?
Answer: A
Explanation:
Explanation/Reference:
NEW QUESTION # 313
The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)
Answer: B,C
Explanation:
Explanation
According to the PMBOK Guide, one of the tools and techniques for the identify risks process is data gathering. Data gathering is the process of collecting information from various sources to identify potential risks that may affect the project objectives. One of the data gathering techniques is document analysis, which involves reviewing and analyzing available project documents and other information sources to identify potential risks1.
Two of the artifacts that will help the risk manager conduct the initial risk assessment for a six month initiative are the work breakdown structure (WBS) and the project organizational chart. These are two of the project documents that can be analyzed for potential risks in the project.
The work breakdown structure (WBS) is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
The WBS represents the work defined in the current approved project scope statement and provides the framework for detailed cost estimating, resource planning, and risk management. By reviewing the WBS, the risk manager can identify potential risks that are associated with each work package, deliverable, or scope element, such as technical complexity, quality requirements, dependencies, assumptions, constraints, and uncertainties1.
The project organizational chart is a graphical representation of the project team members and their reporting relationships. The project organizational chart depicts the roles and responsibilities of the project team, as well as the communication channels and authority levels among the team members and other stakeholders. By reviewing the project organizational chart, the risk manager can identify potential risks that are related to the project team structure, such as resource availability, skill gaps, team dynamics, stakeholder expectations, and conflict resolution1.
Some of the other options are not relevant or appropriate for the question scenario:
The configuration management plan is a component of the project management plan that describes how the project team will manage the configuration of the project's deliverables and documentation. The configuration management plan defines the processes, tools, and methods for identifying, controlling, tracking, and auditing the changes to the project's baselines. The configuration management plan is not an artifact that will help the risk manager conduct the initial risk assessment, as it does not provide information on the potential risks that may affect the project objectives or scope1.
Brainstorming is a technique for the identify risks process that involves generating a list of potential risks through a group discussion. Brainstorming is not an artifact, but rather a tool and technique for identifying risks. Brainstorming can help the risk manager conduct the initial risk assessment, but only after reviewing and analyzing the available project documents and information sources1.
Monte Carlo analysis is a technique for the perform quantitative risk analysis process that involves simulating the combined effect of individual project risks and other sources of uncertainty on the project objectives, such as cost or schedule. Monte Carlo analysis is not an artifact, but rather a tool and technique for analyzing risks. Monte Carlo analysis can help the risk manager conduct the initial risk assessment, but only after identifying and prioritizing the individual project risks and their probability and impact1.
References: PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442, 156-157, 168-169,
89-901; PMI-RMP Exam Content Outline, 2015, page 7.
NEW QUESTION # 314
Which risk response is acceptable for both positive and negative risk events?
Answer: A
NEW QUESTION # 315
Company A sells a new machine to company B. During the risk assessment, the stakeholders of company A do not want the risk of transporting the machine from their facility. Instead, they want company B to take responsibility and liability once the machine leaves company A's facility.
What strategy is company A using to deal with the risk?
Answer: D
NEW QUESTION # 316
A new vice president in one of its divisions observed that the portfolio of projects within their division experienced significant variations beyond the ±10% established threshold with the potential of not achieving its overall business goals. Hence, they directed all project leaders and sponsors to ensure that they set and work toward more stringent thresholds of ±5% and reports on the basis of any variance outside that range.
How should the risk manager respond?
Answer: C
Explanation:
Whenever new organizational directives or changes in risk thresholds are communicated, the risk manager is required to assess the impact and update the risk management plan to reflect these changes. The PMBOK Guide states:
"When organizational risk thresholds or tolerances are changed, the risk management plan and associated processes must be updated to ensure alignment with current requirements."
- PMBOK Guide, 6th Edition, Section 11.1.3.1 (Risk Management Plan: Updates) This ensures that risk responses, monitoring, and reporting are in accordance with the most current strategic direction and tolerances.
References:
PMBOK Guide, 6th Edition, Section 11.1.3.1
Practice Standard for Project Risk Management, PMI, Section 3.3
NEW QUESTION # 317
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