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| Section | Objectives |
|---|---|
| Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
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NEW QUESTION # 175
Holly is the project manager of the GHH Project. During risk identification and the subsequent risk analysis process she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?
Answer: D
NEW QUESTION # 176
Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.
What should the project manager do next?
Answer: B
Explanation:
The project manager should apply an iterative approach to risk identification, which involves continuous risk identification throughout the project lifecycle. This will help to identify andaddress new risks that may arise during the project.
According to the PMBOK® Guide, risk identification is the process of determining which risks may affect the project and documenting their characteristics. It is an iterative process because new risks may evolve or become known only as the project progresses through its life cycle. There are many techniques available for risk identification and assessment, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, etc. The project manager should apply an iterative approach to risk identification to ensure that all relevant risks are captured and updated throughout the project. The project manager should also involve the project team and other stakeholders in the risk identification process to obtain their input and perspectives.
The other options are not valid for the next step after explaining the importance of risk management to the team:
* Review assumptions and constraints around risks: This is a technique for risk identification, but it is not the only one. The project manager should use a combination of techniques to identify risks, not just focus on one aspect. Also, reviewing assumptions and constraints is not the same as applying an iterative approach, which implies repeating the risk identification process at regular intervals or when changes occur.
* Develop the risk response plans for identified risks: This is a step in the Plan Risk Responses process, which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The project manager should not develop the risk response plans before identifying and analyzing the risks.
* Determine the likelihood and impact of the risks: This is a step in the Perform Qualitative Risk Analysis process, which comes after the Identify Risks process. The project manager should not determine the likelihood and impact of the risks before identifying them.
References: PMBOK® Guide1, Risk Management Professional (PMI-RMP)® Cert Guide
NEW QUESTION # 177
Tom is the project manager of the GGG project for his company. He is working with the project team on the Perform Qualitative Risk Analysis process. Tom is having the project team to review the project scope statement as an input to the qualitative risk analysis process. Why?
Answer: D
NEW QUESTION # 178
You are project manager for ABD project. You, with your team, are working on the following
activities:
Probabilistic analysis of a project.
Probability of achieving cost and time objectives.
Trends in Qualitative Risk Analysis results.
On which of the following processes are you working on?
Answer: A
NEW QUESTION # 179
A project team has completed plan risk response activities and has identified three critical risk response plans to major risk events. The responses have been monitored and implemented, with one of the responses presenting the two secondary risks.
What should the risk manager do next?
Answer: D
Explanation:
When secondary risks emerge from a risk response, the risk manager should assess the impact of these residual and secondary risks on the project ' s objectives. This step is crucial to understanding how these risks could affect the project ' s scope, time, cost, or quality, and to determine if additional risk responses are needed. PMI ' s guidelines emphasize the importance of continually assessing risks, especially when they arise as a result of implemented risk responses.
NEW QUESTION # 180
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