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| Section | Objectives |
|---|---|
| Topic 1: Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Topic 2: Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Topic 3: Risk Analysis | - Qualitative Risk Analysis - Quantitative Risk Analysis |
| Topic 4: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 5: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
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NEW QUESTION # 58
You are the project manager of QSL project for your organization. You are working with your project team and several key stakeholders to create a diagram that shows how various elements of a system interrelate and the mechanism of causation within the system. What diagramming technique are you using as a part of the risk identification process?
Answer: B
NEW QUESTION # 59
A project manager is developing the risk management process and schedules a risk planning workshop at the start of the project. Upon receiving the invitation, a senior stakeholder emails the project manager stating that a risk management plan is not needed since this is small project, and lack of a plan will reduce costs.
Which of the following should the project manager do?
Answer: D
NEW QUESTION # 60
A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations.
The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear.
What should the risk manager advise the project manager?
Answer: D
Explanation:
In this situation, the departure of a key project resource was an anticipated risk, and a transition plan was established as a response. However, implementing this plan has introduced new risks, known as secondary risks, which may impact the completion dates of other project-related tasks. According to PMI's risk management framework, it's essential to address these secondary risks in alignment with the predefined risk management plan. This involves assessing the new risks' probabilities and impacts, determining appropriate response strategies, and updating the risk register accordingly. By systematically managing secondary risks as outlined in the risk management plan, the project manager can mitigate potential adverse effects on the project's schedule and objectives.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide highlights the necessity of managing secondary risks, stating that "secondary risks should be identified, analyzed, and planned for in the same manner as primary risks, ensuring that all potential threats to project objectives are adequately addressed."
NEW QUESTION # 61
A project manager is leading a complex, high-risk construction project in the city center. To address risk based on lessons learned from similar past building projects, the risk manager assigns a team member to assess and confirm risk thresholds for the project.
What should the risk manager do?
Answer: A
Explanation:
The correct answer is B. Work with stakeholders to achieve consensus on risk thresholds.
Risk thresholds represent the specific levels of risk exposure or variation that stakeholders are willing to accept. Because thresholds are closely tied to stakeholder risk appetite, tolerance, project objectives, business priorities, and governance expectations, they should not be set by the project team alone. The risk manager should therefore work collaboratively with stakeholders to confirm and agree on those thresholds .
The question states that the team member is assessing and confirming thresholds using lessons learned from similar projects. Historical information is useful input, but thresholds for the current project must still be validated with the relevant stakeholders. In a complex, high-risk city-center construction project, many stakeholder interests may influence acceptable risk levels, including cost, schedule, safety, regulatory exposure, public disruption, and contractual obligations. For that reason, stakeholder consensus is the most appropriate action.
Why the other options are incorrect:
* A. Develop risk assessment processes and tools to quantify risk thresholds Processes and tools may support analysis, but they do not themselves establish agreed thresholds. Thresholds must reflect stakeholder acceptance levels, not just analytical design.
* C. Use subject matter experts and historical data to estimate risk thresholds This is useful supporting input, especially from past projects, but the question asks what the risk manager should do to assess and confirm the thresholds. Estimates from experts and history are not sufficient without stakeholder agreement.
* D. Review regulatory requirements and the contract to identify risk thresholds Regulatory and contractual limits are important constraints, but they do not fully define project risk thresholds.
Stakeholder tolerance may be narrower than legal or contractual boundaries.
Best-practice reasoning:
Risk thresholds should be established and validated during risk planning in consultation with key stakeholders because thresholds guide evaluation, prioritization, escalation, and response decisions. Without stakeholder agreement, the project may misjudge which risks are acceptable and which require action.
Reference-aligned basis:
This answer is consistent with standard risk management guidance that emphasizes:
* risk thresholds are linked to stakeholder risk appetite and tolerance,
* thresholds are established during planning,
* stakeholder engagement is necessary to define and confirm acceptable levels of risk exposure.
References:
PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide) , Plan Risk Management PMI, Practice Standard for Project Risk Management ISO 31000, risk criteria and stakeholder consultation principles
NEW QUESTION # 62
Beth is the project manager of the BFG Project for her company. In this project Beth has decided to create a contingency response based on the performance of the project schedule. If the project schedule variance is greater than $10,000 the contingency plan will be implemented. What is the
formula for the schedule variance?
Answer: B
NEW QUESTION # 63
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