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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Stakeholder Engagement | 19-20% | - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Involve stakeholders in risk management process - Build consensus on risk response strategies - Collaborate with cross-functional teams - Identify stakeholders and their risk tolerance - Promote risk awareness and understanding - Communicate risk information effectively - Manage stakeholder expectations regarding risks |
| Topic 2: Risk Monitoring and Reporting | 19-20% | - Evaluate risk response execution - Review risk audit results - Update risk register and documentation - Track risk metrics and triggers - Report risk management performance - Capture lessons learned regarding risks - Monitor identified and emerging risks |
| Topic 3: Perform Specialized Risk Analyses | 14-16% | - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Conduct specialized risk assessments (e.g., regulatory, compliance) - Analyze complex risk scenarios and dependencies |
| Topic 4: Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Integrate risk management into project lifecycle - Develop risk management strategy - Plan risk management activities - Define risk thresholds and metrics |
| Topic 5: Risk Process Facilitation | 25-28% | - Manage contingency reserves - Plan risk responses - Perform qualitative risk analysis - Perform quantitative risk analysis - Implement risk responses - Evaluate risk response effectiveness - Identify risks using various techniques |
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NEW QUESTION # 265
You are working as a project manager in your organization. You are nearing the final stages of project execution and looking towards the final risk monitoring and controlling activities. For your project archives, which one of the following is an output of risk monitoring and control?
Answer: B
NEW QUESTION # 266
Consider a project with a budget at completion of $1,345,000 and it is supposed to be completed by today, but it is only 80 percent complete. This project has spent $1,250,000 to reach this point of completion. What is the schedule variance for this project?
Answer: B
NEW QUESTION # 267
You are the project manager of the GHY project for your organization. You are working with your project team to begin identifying risks for the project. As part of your preparation for identifying the risks within the project you will need eleven inputs for the process. Which one of the following is NOT an input to the risk identification process?
Answer: B
NEW QUESTION # 268
An experienced and the only developer on a software implementation project will be on leave for several weeks. The risk of this critical resource's availability was added to the risk register. Contingencies were made for a support developer to job shadow this resource, depending on how things go prior to their leave. The project team was pleased with the backup plan and the new resource was able to shadow for a few weeks.
What should the risk manager do next?
Answer: D
Explanation:
Once the contingency plan has been executed (e.g., the backup resource has shadowed the experienced developer), it is crucial to continuously monitor and manage any residual or secondary risks that may arise.
These risks could include the backup resource's ability to perform effectively or the potential impact of the original developer's absence on project timelines. By updating the risk register and maintaining communication with the project team, the risk manager ensures that the project remains on track and that any new risks are promptly addressed, in alignment with PMI's best practices for ongoing risk management.
NEW QUESTION # 269
The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently.
What should the project manager do regarding those risks?
Answer: B
Explanation:
Explanation
If the project manager realizes that some risks have not been updated recently, they should review the risk register to check for new risks and ensure that all risks are accurately documented and updated.
The risk register is a document that contains information about the identified risks, their analysis, and their response plans. It is updated throughout the project life cycle as new risks emerge, existing risks change, or risks are closed. The project manager should review the risk register regularly to ensure that the project data is accurate and reflects the current risk situation. Reviewing the risk register also helps the project manager to identify any new risks that may have occurred since the last update, and to plan appropriate responses for them. References: PMI, Project Risk Management, 2nd edition, 2019, p. 67-681
NEW QUESTION # 270
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