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| Section | Weight | Objectives |
|---|---|---|
| Risk Strategy and Planning | 19-20% | - Develop risk management strategy - Integrate risk management into project lifecycle - Define risk thresholds and metrics - Establish risk management policies and procedures - Plan risk management activities |
| Risk Process Facilitation | 25-28% | - Identify risks using various techniques - Perform quantitative risk analysis - Manage contingency reserves - Perform qualitative risk analysis - Plan risk responses - Evaluate risk response effectiveness - Implement risk responses |
| Risk Monitoring and Reporting | 19-20% | - Review risk audit results - Capture lessons learned regarding risks - Update risk register and documentation - Track risk metrics and triggers - Evaluate risk response execution - Report risk management performance - Monitor identified and emerging risks |
| Stakeholder Engagement | 19-20% | - Negotiate risk ownership and accountability - Promote risk awareness and understanding - Manage stakeholder expectations regarding risks - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Communicate risk information effectively - Facilitate risk workshops and meetings - Collaborate with cross-functional teams - Involve stakeholders in risk management process |
| Perform Specialized Risk Analyses | 14-16% | - Analyze complex risk scenarios and dependencies - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) - Conduct specialized risk assessments (e.g., regulatory, compliance) |
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NEW QUESTION # 182
An external vendor needs to be contracted to provide additional capacity and expertise to a project team to reduce the probability of delays in a project. The contracts department is raising a concern about confidentiality risks not addressed in the proposed contract and missing from the risk register.
What should the risk manager do next?
Answer: D
Explanation:
According to the PMI Risk Management Professional (PMI-RMP)Examination Content Outline1, a secondary risk is a risk that arises as a direct result of implementing a risk response to a specific risk. In this case, the risk response is to contract an external vendor to provide additional capacity and expertise to the project team. The secondary risk is the confidentiality risk that the contracts department has identified. The risk manager should assess the secondary risk to determine its probability, impact, and priority, and to plan appropriate responses. This is part of the Perform Qualitative Risk Analysis and Plan Risk Responses processes in the PMBOKGuide2. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline 2: A Guide to the Project Management Body of Knowledge (PMBOKGuide)
- Sixth Edition
NEW QUESTION # 183
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: A
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. Reference: PMI-RMP Exam Content Outline and Specifications, page 10.
NEW QUESTION # 184
You work as a project manager for BlueWell Inc. You are currently working with the project stakeholders to identify risks in your project. You understand that the qualitative risk assessment and analysis can reflect the attitude of the project team and other stakeholders to risk. Effective assessment of risk requires management of the risk attitudes of the participants. What should you, the project manager, do with assessment of identified risks in consideration of the attitude and bias of the participants towards the project risk?
Answer: D
NEW QUESTION # 185
A project manager is assigned to a new project and is told they need to develop the project's risk register.
When should the project manager identify the project risks?
Answer: C
Explanation:
Explanation
Risk identification should be an ongoing process throughout the project lifecycle. Encouraging project team members to proactively identify risks allows for continuous risk management and the development of appropriate response strategies as new risks emerge.
NEW QUESTION # 186
Sam is the project manager of a construction project in south Florida. This area of the United States is prone to hurricanes during certain parts of the year. As part of the project plan Sam and the project team acknowledge the possibility of hurricanes and the damage the hurricane could have on the project's deliverables, the schedule of the project, and the overall cost of the project.
Once Sam and the project stakeholders acknowledge the risk of the hurricane they go on planning the project as if the risk is not likely to happen. What type of risk response is Sam using?
Answer: B
NEW QUESTION # 187
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