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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Strategy and Planning | 22% | - Develop risk management strategy - Integrate risk management into project lifecycle - Align risk management with organizational and project objectives - Define risk appetite, threshold, and tolerance - Create risk management plan |
| Topic 2: 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 3: Risk Monitoring and Reporting | 19% | - Identify new and emerging risks - Update risk register and documents - Communicate risk status to stakeholders - Track effectiveness of responses - Monitor identified risks and triggers - Capture lessons learned |
| Topic 4: Risk Response Planning | 13% | - Develop response strategies for threats and opportunities - Integrate responses into project plan - Assign owners and responsibilities - Select appropriate response actions |
| Topic 5: Risk Analysis | 23% | - Assess probability and impact - Perform qualitative risk analysis - Prioritize risks - Perform quantitative risk analysis - Use simulation and modeling techniques |
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NEW QUESTION # 208
To properly ensure risk information is incorporated into the overall project management framework, risk data must be provided to the schedule analysts and cost estimators on a periodic basis. How frequently should this be performed?
Answer: D
NEW QUESTION # 209
A project manager is working on a high priority and high profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.
What should the project manager have done to avoid this?
Answer: A
Explanation:
Explanation
The project manager should have updated the project schedule by adding risk owner implementation tasks.
This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary.
NEW QUESTION # 210
A new risk manager has been assigned to a delayed strategic project. The risk manager presented a new plan to get the project back on track using lessons learned and applying risk response strategies. Senior management wants to remove contingency reserves because they want to finish the project earlier.
What should the risk manager do in this scenario?
Answer: D
Explanation:
The risk manager should conduct a risk planning workshop with senior management and other key stakeholders to review the risk management plan, the risk register, and the contingency reserves. The risk manager should explain the purpose and benefits of contingency reserves, and how they are calculated and allocated based on the risk exposure of the project. The risk manager should also discuss the potential impact of removing or reducing the contingency reserves on the project objectives, scope, schedule, cost, and quality. The risk manager should facilitate a collaborative decision-making process to reach a consensus on the best course of action for the project. Reference: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 77-78, 92-93.
NEW QUESTION # 211
ww Mary is a project manager in her organization. On her current project she is working with her project team and other key stakeholders to identify the risks within the project. She is currently aiming to create a comprehensive list of project risks so she is using a facilitator to help generate ideas about project risks. What risk identification method is Mary likely using?
Answer: C
NEW QUESTION # 212
What is an example of legal and regulatory requirements and/or constraints when assessing a project environment for threats and opportunities?
Answer: C
Explanation:
Explanation
Legal and regulatory requirements and constraints when assessing a project environment for threats and opportunities may include ensuring the confidentiality of project information, as this is often governed by laws and regulations.
Legal and regulatory requirements and/or constraints are external factors that can affect the project environment and influence the risk management process. They may include laws, regulations, standards, codes, permits, licenses, contracts, or agreements that the project must comply with or adhere to.
Confidentiality of project information is an example of such a requirement or constraint, as it may limit the disclosure, sharing, or access of project data, documents, or reports to authorized parties only. Violating confidentiality may result in legal actions, penalties, or reputational damage for the project and the organization. Therefore, the project manager and the risk management team must identify and comply with the confidentiality requirements and/or constraints when assessing the project environment for threats and opportunities. References: PMI, 2019. Practice Standard for Project Risk Management. Newtown Square, PA:
Project Management Institute, Inc., p. 181
NEW QUESTION # 213
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