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| Section | Weight | Objectives |
|---|---|---|
| Risk Process Facilitation | 25-28% | - Perform quantitative risk analysis - Implement risk responses - Identify risks using various techniques - Plan risk responses - Manage contingency reserves - Evaluate risk response effectiveness - Perform qualitative risk analysis |
| Stakeholder Engagement | 19-20% | - Collaborate with cross-functional teams - Communicate risk information effectively - Manage stakeholder expectations regarding risks - Involve stakeholders in risk management process - Identify stakeholders and their risk tolerance - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Promote risk awareness and understanding - Build consensus on risk response strategies |
| Perform Specialized Risk Analyses | 14-16% | - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Analyze complex risk scenarios and dependencies - Conduct specialized risk assessments (e.g., regulatory, compliance) |
| Risk Monitoring and Reporting | 19-20% | - Monitor identified and emerging risks - Report risk management performance - Track risk metrics and triggers - Update risk register and documentation - Review risk audit results - Capture lessons learned regarding risks - Evaluate risk response execution |
| Risk Strategy and Planning | 19-20% | - Define risk thresholds and metrics - Establish risk management policies and procedures - Develop risk management strategy - Plan risk management activities - Integrate risk management into project lifecycle |
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NEW QUESTION # 326
A project team is concerned about a risk which, if occurs, might add additional complexity to their work. The team will need help from an external vendor, but the contracting process is long.
What should the risk manager do in this case?
Answer: A
Explanation:
If a risk requires external help and the contracting process is long, it is prudent to start the process immediately to avoid delays. This proactive approach ensures that the necessary resources will be available when needed. According to PMI guidelines, early action to address risk is essential, especially when external dependencies are involved. Documenting the risk in the risk register or analyzing it further can be done concurrently, but starting the contracting process mitigates the risk of delay.
NEW QUESTION # 327
An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.
What should the risk management expert recommend the agency do first to identify risks and develop the handbook?
Answer: A
Explanation:
Explanation
Engaging stakeholders through meetings, workshops, and interviews is crucial for risk identification, as it allows the agency to gather diverse perspectives and insights on potential risks. This approach is more effective than relying solely on standard tools or hiring an expert.
NEW QUESTION # 328
Your organization, as part of its enterprise environmental factors, has established risk governance to be implemented in each project. Part of this governance is the reassessment of risks within each project. How much detail and repetition in approach for risks to be reassessed for probability and impact?
Answer: C
NEW QUESTION # 329
A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment What should the risk manager do?
Answer: B
Explanation:
The risk manager should review the feature with the project team to determine the cause and impact of the untestability, and to identify possible solutions or alternatives. The risk manager should also update the risk register and the risk response plan accordingly. This is the best option among the given choices, as it involves the relevant stakeholders and follows the risk management process. Confirming the risk triggers are still valid is not sufficient, as it does not address the problem or its consequences. Asking the architect to develop acceptance criteria is not appropriate, as it may not be feasible or effective to test the feature with new criteria. Escalating the issue to the project board is premature, as it may not be necessary or desirable to involve the senior management without first analyzing the situation and proposing a course of action. Reference: PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition. Chapter 11: Project Risk Management, pp. 414-415. 5 When a key feature may not be testable due to changes in the environment, the risk manager should review the feature with the project team to understand the issue, assess its impact, and determine the appropriate risk response. This collaborative approach ensures that the team has a clear understanding of the situation and can work together to address the risk.
NEW QUESTION # 330
A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.
What will be the main output of this meeting?
Answer: D
Explanation:
Explanation
The main output of the stakeholder meeting in the initiation phase is to identify threats and opportunities that may impact the project in a positive or negative way. This information will be used to develop the risk management plan.
NEW QUESTION # 331
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