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| Section | Weight | Objectives |
|---|
| Risk Analysis | 23% | - Prioritize risks - Perform quantitative risk analysis - Perform qualitative risk analysis - Use simulation and modeling techniques - Assess probability and impact
|
| Risk Identification | 23% | - Document risks and characteristics - Capture opportunities as well as threats - Update risk register - Identify internal and external risks - Apply identification techniques
|
| Risk Response Planning | 13% | - Develop response strategies for threats and opportunities - Select appropriate response actions - Integrate responses into project plan - Assign owners and responsibilities
|
| Risk Strategy and Planning | 22% | - Define risk appetite, threshold, and tolerance - Create risk management plan - Integrate risk management into project lifecycle - Align risk management with organizational and project objectives - Develop risk management strategy
|
| Risk Monitoring and Reporting | 19% | - Capture lessons learned - Monitor identified risks and triggers - Update risk register and documents - Track effectiveness of responses - Communicate risk status to stakeholders - Identify new and emerging risks
|
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PMI Risk Management Professional Sample Questions (Q294-Q299):
NEW QUESTION # 294

A regional vendor for custom manufactured steel oil derricks is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to properly install the deep water structure. It takes 65 days to transport the deep water structures for each platform from the manufacturing facility to the installation site at a cost of US$155,000 per day. The monsoon season runs from May to September each year and is a known risk for placement of the oil platforms. There is an incentive clause in the contract that will provide a USS1,500,000 payment, if all 40 platforms are in place and ready for use by 5 January 2016.
What is the probability of receiving this incentive?
- A. 44.5%
- B. 42.9%
- C. 35.0%
- D. 47.5%
Answer: A
NEW QUESTION # 295
A project manager has a two-month project with three project team members. The project sponsor does not agree with the project manager that a risk planning process is necessary, since the project is very small.
Would it be appropriate for the project manager to implement some level of risk management?
- A. No, small projects do not usually require risk planning.
- B. Yes, the risk planning process implementation is ultimately the project manager's decision.
- C. Yes, even small projects may require risk planning.
- D. No, risk planning should be initiated with the sponsor's consent.
Answer: C
NEW QUESTION # 296
Jenny is the project manager of the NHJ Project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member wants to know that how many risk responses are available for a positive risk event. What will Jenny reply to you?
- A. Three
- B. Four
- C. Seven
- D. Acceptance is the only risk response for positive risk events.
Answer: B
Explanation:
Explanation/Reference:
NEW QUESTION # 297
Gary is the project manager for his organization. He is working with the project stakeholders on the project requirements and how risks may affect their project. One of the stakeholders is confused about what constitutes risks in the project. Which of the following is the most accurate definition of a project risk?
- A. It is an uncertain event or condition within the project execution.
- B. It is an uncertain event that can affect at least one project objective.
- C. It is an uncertain event that can affect the project costs.
- D. It is an unknown event that can affect the project scope.
Answer: B
NEW QUESTION # 298
At an oil and gas company, a major unified management information system is to be implemented. The project manager noted that risks gathered from the organization's business functions are not properly identified and categorized, making it difficult to develop an effective risk response.
How should the project manager handle this situation?
- A. Coach the functional groups on how to properly conduct the process.
- B. Ask functional managers to improve their risk register and process.
- C. Outsource conducting the risk response plan to risk consultants.
- D. Adjust the risk response plans to effectively handle the identified risks.
Answer: A
Explanation:
Explanation
The project manager should provide guidance and coaching to the functional groups on how to properly identify and categorize risks. This will help improve the quality of the risk register and ensure an effective risk response plan can be developed.
The project manager should coach the functional groups on how to properly conduct the process of identifying and categorizing risks, as this will help to improve the quality and consistency of the risk information and to facilitate the development of an effective risk response plan. The project manager should also provide guidance and support on how to use the appropriate tools and techniques, such as risk breakdown structure, risk taxonomy, risk checklists, risk interviews, and risk workshops, to elicit and document the risks from different perspectives and sources. By coaching the functional groups, the project manager can also enhance their risk awareness and ownership, and foster a collaborative risk culture within the project. References: The Standard for Risk Management in Portfolios, Programs, and Projects, page 71-72; PMBOK Guide, 6th edition, page 397-398.
NEW QUESTION # 299
......
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