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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: 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 2: Risk Analysis | 23% | - Prioritize risks - Assess probability and impact - Perform quantitative risk analysis - Use simulation and modeling techniques - Perform qualitative risk analysis |
| Topic 3: Risk Identification | 23% | - Update risk register - Document risks and characteristics - Apply identification techniques - Identify internal and external risks - Capture opportunities as well as threats |
| Topic 4: Risk Response Planning | 13% | - Integrate responses into project plan - Select appropriate response actions - Assign owners and responsibilities - Develop response strategies for threats and opportunities |
| Topic 5: Risk Monitoring and Reporting | 19% | - Identify new and emerging risks - Capture lessons learned - Communicate risk status to stakeholders - Monitor identified risks and triggers - Update risk register and documents - Track effectiveness of responses |
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NEW QUESTION # 299
You are the project manager for your company and a new change request has been approved for your project. This change request, however, has introduced several new risks to the project. You have communicated these risk events and the project stakeholders understand the possible effects these risks could have on your project. You elect to create a mitigation response for the identified risk events. Where will you record the mitigation response?
Answer: A
NEW QUESTION # 300
Frank is the project manager of the NHH Project. He is working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team.
What document is Frank and the NHH Project team creating in this scenario?
Answer: A
NEW QUESTION # 301
A budget change request was initiated by a functional manager in an organization due to a shortage in the functional manager's department budget. The functional manager asks the CEO to approve utilization of a contingency budget reserved for one of the projects in its closing phase.
What should the risk manager of the related project have done to prevent this situation from happening?
Answer: D
Explanation:
According to the PMI Risk Management Professional (PMI-RMP) Handbook1, one of the domains of the PMI-RMP exam is Risk Monitoring and Reporting, which involves tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans, and evaluating risk process effectiveness throughout the project1. The risk manager of the related project should have reformed the risk monitoring and closing process properly to ensure that the contingency budget is only used for the intended risks and not for other purposes. The risk manager should have also communicated the status and outcomes of the risk activities to the relevant stakeholders, such as the functional manager and the CEO, to avoid any confusion or conflict over the budget allocation1. References: 1: PMI Risk Management Professional (PMI-RMP) Handbook, page 6.
The risk manager should have ensured a more accurate project work plan and budget to prevent the functional manager from requesting to use the project's contingency budget. A well-planned budget would have avoided the shortage in the functional manager's department budget.
NEW QUESTION # 302
A list of risks was identified that could occur during the design phase. Now, the team finished the design phase and those risks did not materialize.
What should the project manager do next?
Answer: D
Explanation:
Since the design phase is complete and the identified risks did not materialize, the project manager should close the risks and update their status in the risk register.
The project manager should close the risks that did not materialize during the design phase and update their status in the risk register. Closing risks is part of the monitor and close risks process, which involves tracking the implementation of risk responses, monitoring the residual and secondary risks, and evaluating the effectiveness of risk management throughout the project. Closing risks also involves updating the risk register with the current status of the risks, the outcomes of the risk responses, and any lessons learned from the risk management process. Updating the risk register helps to maintain an accurate and updated record of the project risks and their impacts. Reference: PMI, Project Risk Management, 2nd edition, 2019, p. 97-981
NEW QUESTION # 303
You work as a project manager for SoftTech Inc. You are working with the project stakeholders to begin the qualitative risk analysis process. You will need all of the following as inputs to the qualitative risk analysis process except for which one?
Answer: B
NEW QUESTION # 304
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