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| Section | Objectives |
|---|---|
| Topic 1: Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Topic 2: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Topic 3: Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Topic 4: Risk Identification | - Identifying Individual Risks - Overall Project Risk Identification |
| Topic 5: Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
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NEW QUESTION # 274
A project manager is working on a high priority and high profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.
What should the project manager have done to avoid this?
Answer: C
Explanation:
The project manager should have updated the project schedule by adding risk owner implementation tasks.
This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary.
According to the PMI-RMP Exam Content Outline and Specifications1, one of the tasks under Domain 4:
Risk Monitoring and Reporting is to "update project schedule, budget, and risk register with risk response outcomes". This implies that the project manager should have added the risk owner implementation tasks to the project schedule, so that they can be tracked and monitored. By doing so, the project manager could have ensured that the planned risk responses were executed as intended, and that the opportunities were not missed. References: PMI-RMP Exam Content Outline and Specifications, page 10.
NEW QUESTION # 275
Ned is the project manager of the HNN project for your company. Ned has asked you to help him complete some probability distributions for his project. What portion of the project will you most likely use for probability distributions?
Answer: A
NEW QUESTION # 276
Gary is the project manager of the MMQ project for his company. He is working with his project team to plan the risk responses for his project. Sarah, a project team member, does not
understand the process that Gary is using to plan the risk responses. Which approach is the preferred method to address project risks and the risk responses?
Answer: D
NEW QUESTION # 277
You are the project manager of the HJK Project for your organization. You and the project team have created risk responses for many of the risk events in the project. Where should you document the proposed responses and the current status of all identified risks?
Answer: D
NEW QUESTION # 278
A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.
What should the project team do next?
Answer: A
Explanation:
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all the subsidiary plans and baselines from the project management processes1. The project management plan should be updated whenever there are changes in the project scope, schedule, cost, quality, resources, communications, risks, procurements, or stakeholder engagement2. In this case, the project team has decided to log the opportunities in the current project's risk register, which is a component of the project management plan. Opportunities are positive risks that may have a beneficial effect on the project objectives, such as cost savings, schedule acceleration, or quality improvement3. Therefore, the project team should update the project management plan to ensure the results of the opportunities are captured and reflected in the relevant subsidiary plans and baselines. For example, if an opportunity leads to a cost saving, the project team should update the cost management plan and the cost baseline accordingly.
References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 89 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 123 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 397
NEW QUESTION # 279
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