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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Identification | 23% | - Capture opportunities as well as threats - Apply identification techniques - Update risk register - Document risks and characteristics - Identify internal and external risks |
| Topic 2: Risk Monitoring and Reporting | 19% | - Communicate risk status to stakeholders - Track effectiveness of responses - Capture lessons learned - Identify new and emerging risks - Update risk register and documents - Monitor identified risks and triggers |
| Topic 3: Risk Response Planning | 13% | - Select appropriate response actions - Assign owners and responsibilities - Integrate responses into project plan - Develop response strategies for threats and opportunities |
| Topic 4: Risk Strategy and Planning | 22% | - Align risk management with organizational and project objectives - Define risk appetite, threshold, and tolerance - Integrate risk management into project lifecycle - Develop risk management strategy - Create risk management plan |
| Topic 5: Risk Analysis | 23% | - Prioritize risks - Perform qualitative risk analysis - Assess probability and impact - Perform quantitative risk analysis - Use simulation and modeling techniques |
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NEW QUESTION # 114
Project stakeholders identify, analyze, and plan the risk responses for a project. However, the contingency reserves are depleted before the project is completed.
What recommendation could be implemented to prevent this from recurring?
Answer: D
NEW QUESTION # 115
A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money, What should the risk manager do?
Answer: B
Explanation:
When facing resistance from team members, the risk manager should engage in open communication to address their concerns and clarify the importance of risk management in the project.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the risk manager should handle this situation by meeting with team members to address their concerns. This is because:
Resistance to risk management is a common challenge that can hinder the effectiveness and efficiency of the risk management process. Resistance can stem from various factors, such as lack of awareness, understanding, commitment, trust, or support for risk management; fear of negative consequences or blame; competing priorities or interests; or cultural differences or biases.
Meeting with team members to address their concerns is a proactive and constructive way to overcome resistance and foster a positive risk culture within the project. By meeting with team members, the risk manager can:
Communicate the value and benefits of risk management for the project and the organization, such as improving decision-making, enhancing performance, increasing stakeholder satisfaction, and reducing uncertainty and variability.
Educate and train team members on the risk management principles, processes, tools, and techniques, and how they can be applied to the project context and objectives.
Involve and empower team members in the risk management activities, such as identifying, analyzing, prioritizing, responding, and monitoring risks, and solicit their feedback and suggestions for improvement.
Recognize and reward team members for their contributions and achievements in risk management, and celebrate the successful outcomes and opportunities realized by the project.
The other options are not effective in handling this situation because:
Continuing to implement the risk strategy without addressing the resistance can lead to further conflict, resentment, and distrust among the team members, and undermine the quality and credibility of the risk management process and outputs.
Reducing the number of risk management activities can compromise the project's ability to identify and respond to the risks that may affect its scope, schedule, cost, quality, or other objectives, and expose the project to unnecessary threats or missed opportunities.
Raising the concerns with the project sponsor can escalate the issue and create a negative impression of the team members, and may not resolve the underlying causes of the resistance or improve the team's engagement and commitment to risk management.
Reference:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP)Exam Cert Guide2
NEW QUESTION # 116
In a large enablement project with strict time lines, risks need to be closely monitored. The risk manager publishes reports comparing planned enablement sessions with actual enablement sessions, which help identify potential risks to be addressed.
Which technique is the risk manager using?
Answer: D
NEW QUESTION # 117
A financial institution is beginning a major digital-transformation project to enhance online-banking services.
The risk manager observes that team members from various departments are hesitant to participate actively in risk identification, potentially causing threats and opportunities to be overlooked.
What should the risk manager do?
Answer: A
Explanation:
Risk identification is most effective when it draws on diverse knowledge and perspectives. Collaborative interdepartmental meetings create a structured setting in which operational, technical, regulatory, customer, cybersecurity, financial, and change-management concerns can be surfaced and discussed.
The risk manager should facilitate participation, establish psychological safety, clarify that both threats and opportunities are relevant, and use techniques such as brainstorming, prompt lists, assumption analysis, interviews, and lessons learned. This strengthens ownership because participants help define the risks that affect their work.
Historical data is useful but cannot replace current stakeholder insight, especially in a digital-transformation initiative. The risk manager should facilitate the process rather than personally identify every risk. Focusing only on threats would omit opportunities, such as improved customer adoption, automation benefits, or accelerated delivery.
Therefore, collaborative interdepartmental sessions are the best response to low participation.
Why the other options are not the best answers:
A). Historical data is supplementary and may not reflect current project conditions.
B). Risk management is a shared responsibility; one person cannot identify every relevant risk.
C). Risk identification should include opportunities as well as threats.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.2, Identify Risks.
PMI, PMBOK Guide-Seventh Edition, Stakeholder and Team performance domains.
PMI, Practice Standard for Project Risk Management, guidance on facilitated workshops and broad participation.
NEW QUESTION # 118
Pete works as a project manager for BlueWell Inc. The Management has told him that he must implement an agreed-upon contingency response if the cost performance index in his project is less than 0.90. Consider that Pete's project has a budget at completion of $275,000. His project is 65 percent complete and he has spent $175,000 to date. However, Pete is scheduled to be 78 percent complete. What is the cost performance index for this project to determine if the
contingency response should happen?
Answer: A
NEW QUESTION # 119
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