P.S. Free & New PMI-RMP dumps are available on Google Drive shared by Actual4Labs: https://drive.google.com/open?id=16hVMCiGrCtNktv1PqR0EOM0pnOKwx3FU
No matter which country you are currently in, you can be helped by our PMI-RMP real exam. Up to now, our PMI-RMP training quiz has helped countless candidates to obtain desired certificate. If you want to be one of them, please take a two-minute look at our PMI-RMP Real Exam. And you can just visit our website to know its advantages. You can free download the demos to have a look at our quality and the accuracy of the content easily.
| Section | Objectives |
|---|---|
| Topic 1: Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Topic 2: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 3: Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
| Topic 4: Risk Monitoring and Control | - Risk Reporting and Communication - Risk Audits and Reviews |
| Topic 5: Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
We are willing to provide all people with the demo of our PMI-RMP study tool for free. If you have any doubt about our products that will bring a lot of benefits for you. The trial demo of our PMI-RMP question torrent must be a good choice for you. By the trial demo provided by our company, you will have the opportunity to closely contact with our PMI-RMP Exam Torrent, and it will be possible for you to have a view of our products. More importantly, we provide all people with the trial demo for free before you buy our PMI-RMP exam torrent.
NEW QUESTION # 96
The project manager for project X was expecting the mobilization of critical equipment from another project, project Y. However, a day before the mobilization was scheduled, another project manager notifies project X's project manager that the equipment would not be available for at least another month due to delayed activities for project Y. This has jeopardized meeting a critical milestone for project X.
How should project X's project manager avoid this situation in the future?
Answer: D
Explanation:
A contingency response plan helps the project manager to be prepared for unexpected situations, such as delays in equipment mobilization. This plan should outline alternative actions to take in case of such delays, minimizing the impact on the project.
According to the PMBOK Guide, a contingency response plan is a predefined action that the project team will take if an identified risk event occurs. It is part of the risk response plan, which is the output of the Plan Risk Responses process. The contingency response plan helps the project team to reduce the impact of the risk event on the project objectives, such as scope, schedule, cost, and quality. The contingency response plan should be documented in the risk register, along with the risk triggers, the assigned risk owners, and the allocated contingency reserves.
The project manager for project X should prepare a contingency response plan to avoid the situation of being dependent on the availability of critical equipment from another project, project Y. This is because the equipment mobilization is an external dependency, which is a type of inter-project dependency that occurs when a project relies on another project for a deliverable or resource. Inter-project dependencies are a source of risk for the project, as they may cause delays, conflicts, or changes in the project scope or quality. The project manager should identify, analyze, and monitor the inter-project dependencies, and plan appropriate risk responses to deal with them.
The contingency response plan for the equipment mobilization could include alternative sources of equipment, such as renting, purchasing, or borrowing from other projects or vendors. The contingency response plan could also include schedule adjustments, such as fast-tracking, crashing, or re-sequencing the activities that require the equipment. The contingency response plan should be implemented when the risk trigger occurs, such as the notification of the delay from the other project manager. The project manager should also communicate the contingency response plan to the relevant stakeholders, such as the project sponsor, customer, team members, and other project managers.
The other options are not valid for avoiding the situation in the future:
* Ask the other project manager to officially confirm the new date in writing: This is not a valid option because it does not address the root cause of the problem, which is the dependency on the equipment from another project. Asking for a confirmation in writing may help to document the issue and track the progress, but it does not prevent the situation from happening again. The project manager should plan for the possibility of delays or changes in the equipment availability, and not rely on the other project manager's promises or commitments.
* Request that the other project manager be added to relevant reports: This is not a valid option because it does not address the root cause of the problem, which is the dependency on the equipment from another project. Adding the other project manager to the relevant reports may help to improve the communication and coordination between the projects, but it does not prevent the situation from happening again. The project manager should plan for the possibility of delays or changes in the equipment availability, and not rely on the other project manager's information or updates.
* Request that the other project manager inform if any additional delays are expected: This is not a valid option because it does not address the root cause of the problem, which is the dependency on the equipment from another project. Requesting the other project manager to inform if any additional delays are expected may help to anticipate and prepare for the impact, but it does not prevent the situation from happening again. The project manager should plan for the possibility of delays or changes in the equipment availability, and not rely on the other project manager's forecasts or estimates.
References: PMBOK Guide1, Project interdependency management2, Interdependencies among projects in project portfolio management3, Mastering PMI-RMP Domains, Tasks, and Enablers for Effective Risk4
NEW QUESTION # 97
During project planning, a risk is identified for which the risk manager has defined a mitigation strategy.
Later during project execution, this risk still leaves substantial residual risk.
What should the risk manager do to handle this situation?
Answer: B
Explanation:
If a risk still leaves substantial residual risk after implementing the mitigation strategy, the risk manager should revisit the risk register and redefine the mitigation strategy to reduce the residual risk to an acceptable level.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because:
* Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities. For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected.
* A Monte Carlo schedule risk analysis is a simul-ation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simul- ation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable.
* Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simul-ation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation.
:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP)®Exam Cert Guide2
NEW QUESTION # 98
Henry is the project manager of the QBG Project for his company. This project has a budget of $4,576,900 and is expected to last 18 months to complete. The CIO, a stakeholder in the project, has introduced a scope change request for additional deliverables as part of the project work. What component of the change control system would review the proposed changes' impact on the features and functions of the project's product?
Answer: C
NEW QUESTION # 99
Kelly is the project manager of the BHH project for her organization. She is completing the risk identification process for this portion of her project. Which one of the following is the only thing that the risk identification process will create for Kelly?
Answer: C
NEW QUESTION # 100
There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?
Answer: A
NEW QUESTION # 101
......
Do you want to pass the PMI-RMP exam with 100% success guarantee? Our PMI-RMP training quiz is your best choice. With the assistance of our study materials, you will advance quickly. Also, all PMI-RMP guide materials are compiled and developed by our professional experts. So you can totally rely on our PMI-RMP Exam simulating to aid you pass the exam. What is more, you will learn all knowledge systematically and logically, which can help you memorize better.
PMI-RMP Reliable Dumps Book: https://www.actual4labs.com/PMI/PMI-RMP-actual-exam-dumps.html
BONUS!!! Download part of Actual4Labs PMI-RMP dumps for free: https://drive.google.com/open?id=16hVMCiGrCtNktv1PqR0EOM0pnOKwx3FU