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| Section | Weight | Objectives |
|---|---|---|
| Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Define risk thresholds and metrics - Integrate risk management into project lifecycle - Develop risk management strategy - Plan risk management activities |
| Stakeholder Engagement | 19-20% | - Communicate risk information effectively - Facilitate risk workshops and meetings - Manage stakeholder expectations regarding risks - Involve stakeholders in risk management process - Negotiate risk ownership and accountability - Promote risk awareness and understanding - Collaborate with cross-functional teams - Identify stakeholders and their risk tolerance - Build consensus on risk response strategies |
| Risk Process Facilitation | 25-28% | - Manage contingency reserves - Perform quantitative risk analysis - Implement risk responses - Perform qualitative risk analysis - Evaluate risk response effectiveness - Identify risks using various techniques - Plan risk responses |
| 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% | - Update risk register and documentation - Monitor identified and emerging risks - Track risk metrics and triggers - Evaluate risk response execution - Report risk management performance - Capture lessons learned regarding risks - Review risk audit results |
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NEW QUESTION # 121
The company board is concerned about potential legal action from a high-risk project. What technique can be used to justify risk response decisions taken on this project?
Answer: D
NEW QUESTION # 122
Some issues and unexpected results were found after completing the first phase of a project. The project team is planning the next phase and team members want to avoid the previous issues.
What should the risk manager do to avoid the previous issues?
Answer: B
Explanation:
According to the PMI Risk Management Professional (PMI-RMP)® Examination Content Outline1, one of the tasks in the domain of Risk Identification is to use the information from project documents, lessons learned, and other sources to facilitate the risk identification process1. A risk workshop is a tool and technique for risk identification that involves bringing together the project team, stakeholders, subject matter experts, and risk management expertsto identify and analyze the project risks in a structured and collaborative manner2. In this scenario, the risk manager should use the information from the issues and unexpected results found in the first phase of the project for a risk workshop, to avoid the previous issues in the next phase. The risk workshop will help the risk manager and the project team to identify the root causes of the issues, assess their probability and impact, and develop appropriate risk responses. The risk workshop will also enable the risk manager to update the risk register and the risk report with the new information and communicate the risk status to the relevant stakeholders. The risk manager should not improve monitoring and controlling of activities, because that is not a specific action to avoid the previous issues, but rather a general practice that should be done throughout the project life cycle3. The risk manager should not document the issues in the lessons learned, because that is not enough to avoid the previous issues, but rather a way to capture and share the knowledge gained from the project for future reference4. The risk manager should not create an issue log to share with the team, because that is not a proactive risk management technique, but rather a reactive way to track and resolve the issues that have already occurred5. 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 4003: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 4564: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 1005: What Is an Issue Log? Templates & Tips6.
NEW QUESTION # 123
What risk identification technique allows participants to identify the project risks and to remain anonymous?
Answer: A
NEW QUESTION # 124
You are the project manager of the NHH project for your company. You have completed the first round of risk management planning and have created four outputs of the risk response planning process. Which one of the following is NOT an output of the risk response planning?
Answer: B
NEW QUESTION # 125
Rex is the project manager of the BDF Project. This project will last for two years and has a budget of
$2,345,000. Management has instructed Rex that the project must not go over budget as funds are very tight in the organization. During the project planning Rex and the project team discover a positive risk event to save
$75,000. Rex wants to make certain that this risk event happens so which risk response method is most appropriate?
Answer: A
Explanation:
Explanation
NEW QUESTION # 126
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