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| Section | Objectives |
|---|---|
| Topic 1: Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Topic 2: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Topic 3: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 4: Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Topic 5: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
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NEW QUESTION # 156 
A regional vendor for custom manufactured steel oil derricks is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to properly install the deep water structure. It takes 65 days to transport the deep water structures for each platform from the manufacturing facility to the installation site at a cost of US$155,000 per day. The monsoon season runs from May to September each year and is a known risk for placement of the oil platforms. There is an incentive clause in the contract that will provide a USS1,500,000 payment, if all 40 platforms are in place and ready for use by 5 January 2016.
What is the probability of receiving this incentive?
Answer: C
NEW QUESTION # 157
A project manager is assigned to a new project and is told they need to develop the project's risk register.
When should the project manager identify the project risks?
Answer: C
Explanation:
Risk identification should be an ongoing process throughout the project lifecycle. Encouraging project team members to proactively identify risks allows for continuous risk management and the development of appropriate response strategies as new risks emerge.
According to the PMI Risk Management Professional (PMI-RMP)®Examination ContentOutline1, one of the tasks in the domain of Risk Identification is to ensure that project team members proactively identify risks throughout the project life cycle, using various tools and techniques, toenable planning for possible risk response strategies1. Risk identification is an iterative processthat should be performed regularly and frequently throughout the project, as new risks may emerge or existing risks may change due to internal or external factors2. The project manager should involve the project team members and other relevant stakeholders in the risk identification process, as they may have different perspectives, expertise, and insightson the project risks3. Theproject manager should not identify risks only at the project's midpoint for the stakeholders to review them, because that would be too late and ineffective to manage the risks that may have already occurred or escalated4. The project manager should not identify risks at the beginning of the project because the risk posture will not change, because that wouldbe unrealistic and imprudent to assume that the project environment and conditions will remain static and predictable5. The project manager should not delegate risk identification to each team member and have them record the risks on separate risk registers for their areas, because that would create inconsistency, duplication, and fragmentation of the risk information, and prevent a holistic and integrated view of the project risks. References: 1: PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, page 82: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 3983: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 3994: Risk Identification: When and How Often to Do It During the Project Life Cycle5: Risk Management: Why Is It Important?. : Risk Register in Project Management - Project Management Academy.
NEW QUESTION # 158
The senior risk manager hears that critical deliverables are delayed, because a key subject matter expert (SME) does not have enough time to allocate to the tasks. Which area should be reviewed, as an opportunity for the risk manager to coach the project manager responsible for the project?
Answer: C
NEW QUESTION # 159
A risk management team has completed a quantitative analysis, and the individual score in terms of schedule and cost has been identified. The team is consolidating inputs for contingency planning and notices that the available time and funds are not sufficient for all the risks.
What should the risk manager advise the project team?
Answer: D
Explanation:
In situations where available time and funds are insufficient to address all identified risks, it ' s imperative to prioritize risks based on their potential impact on the project. Focusing on high-impact risks ensures that the most critical threats to project success are managed effectively within the constraints. This approach involves conducting a thorough risk assessment to categorize risks by their severity and likelihood, allowing the project team to allocate resources strategically. By concentrating on high-impact risks, the team can develop contingency plans that safeguard the project ' s primary objectives, even if lower-impact risks cannot be fully mitigated due to resource limitations.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide emphasizes the importance of prioritizing risks, stating that " project teams often face constraints in resources, making it essential to focus on risks that pose the greatest threat to project objectives. "
NEW QUESTION # 160
During project execution for a software development program, a risk manager notices the results vary from the stated expectations in the planning phase. The project team states that there was unrealistic planning.
What should the risk manager do next to understand the differences between planning and execution?
Answer: D
Explanation:
Assumptions made during planning need to be reviewed to understand deviations in actual results. PMBOK Guide states:
"Reviewing project assumptions is key to understanding variances between planned and actual performance, as invalid or changed assumptions often cause project deviations."
- PMBOK Guide, 6th Edition, Section 11.2
References:
PMBOK Guide, 6th Edition, Section 11.2
NEW QUESTION # 161
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