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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Response Planning | 13% | - Assign owners and responsibilities - Integrate responses into project plan - Select appropriate response actions - Develop response strategies for threats and opportunities |
| Topic 2: Risk Strategy and Planning | 22% | - Create risk management plan - Align risk management with organizational and project objectives - Integrate risk management into project lifecycle - Define risk appetite, threshold, and tolerance - Develop risk management strategy |
| Topic 3: Risk Analysis | 23% | - Use simulation and modeling techniques - Perform qualitative risk analysis - Perform quantitative risk analysis - Assess probability and impact - Prioritize risks |
| Topic 4: Risk Identification | 23% | - Apply identification techniques - Document risks and characteristics - Capture opportunities as well as threats - Identify internal and external risks - Update risk register |
| Topic 5: Risk Monitoring and Reporting | 19% | - Communicate risk status to stakeholders - Track effectiveness of responses - Identify new and emerging risks - Update risk register and documents - Capture lessons learned - Monitor identified risks and triggers |
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NEW QUESTION # 245
A project manager identified a risk of communication issues with the client which may impact the project schedule. A member of (he sales team advises that this client prefers face-to- face conversations.
What should the project manager do to avoid this risk?
Answer: B
Explanation:
The project manager should address the communication risk by meeting the client's preference for face-to-face conversations. This can be achieved by planning face-to-face meetings for critical milestones.
Communication issues with the client are a potential risk that can affect the project scope, schedule, quality, and stakeholder satisfaction. To avoid this risk, the project manager should align the communication methods and preferences with the client's expectations and needs. If the client prefers face-to-face conversations, the project manager should respect that and meet the client in person whenever possible. This can help build trust, rapport, and clarity between the project manager and the client. The project manager should also plan for critical milestone meetings with the client to review the project progress, deliverables, and feedback. This can help ensure that the project is on track and meets the client's requirements and satisfaction. Reference: PMI, 2017. A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition. Newtown Square, PA: Project Management Institute, Inc., pp. 376-3771
NEW QUESTION # 246
In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.
How should the project manager address this concern with the health authorities?
Answer: C
Explanation:
The project manager should assess and record associated secondary risks and proceed to treat them as any other risks. This involves identifying and evaluating the potential negative health effects of using pesticides and developing a plan to mitigate these risks. While it is important to consider the concerns of residents, the health authorities have determined that not moving forward with the plan will have more serious consequences on public health.
Secondary risks are those that arise as a direct outcome of implementing a risk response. In this case, the use of pesticides is a risk response to limit the risks of harmful insects, but it may also cause negative health effects to some residents. This is a secondary risk that needs to be assessed and recorded in the risk register, along with its probability, impact, and response plan. The project manager should not suspend the project, as this would ignore the primary risk of harmful insects. The project manager should not consult with health experts to provide a risk trigger, as this is not a valid risk management technique. A risk trigger is an indication that a risk event is about to occur or has occurred, not a condition that prevents a risk response from being implemented. The project manager should not proceed with the project as normal, as this would neglect the secondary risk and its potential consequences. The project manager should follow the risk management process and treat the secondary risk as any other risk in the project. References: PMI. (2017). A Guide to the Project Management Body of Knowledge(PMBOK® Guide) - Sixth Edition. Chapter 11: Project Risk Management, p. 408. 5
NEW QUESTION # 247
An organization is embarking on a multi-million-dollar project with numerous identified risks. What should the project risk team do to navigate the risks on this project?
Answer: C
Explanation:
For a multi-million-dollar project with numerous risks, understanding the stakeholders' risk thresholds based on their risk appetites is crucial. This helps in defining the boundaries within which the project can operate and determine acceptable levels of risk. By confirming these thresholds, the risk management team can ensure that the project remains aligned with stakeholders' expectations and that appropriate risk responses are developed. This is a key step in the risk management process as per PMI guidelines, which emphasize the importance of aligning risk management efforts with stakeholders' risk tolerance and appetite.
NEW QUESTION # 248
You are the project manager of the NHQ project for your company. You are working with your project team to complete a risk audit. A recent issue that your project team responded to, and management approved, was to increase the project schedule because there was risk surrounding the installation time of a new material. Your logic was that with the expanded schedule there would be time to complete the installation without affecting downstream project activities. What type of risk response is being audited in this scenario?
Answer: B
NEW QUESTION # 249
When does the Identify Risks process take place in a project?
Answer: D
NEW QUESTION # 250
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