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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Process Facilitation | 25-28% | - Perform quantitative risk analysis - Evaluate risk response effectiveness - Perform qualitative risk analysis - Plan risk responses - Manage contingency reserves - Implement risk responses - Identify risks using various techniques |
| Topic 2: Risk Monitoring and Reporting | 19-20% | - Review risk audit results - Report risk management performance - Evaluate risk response execution - Update risk register and documentation - Capture lessons learned regarding risks - Monitor identified and emerging risks - Track risk metrics and triggers |
| Topic 3: Perform Specialized Risk Analyses | 14-16% | - Conduct specialized risk assessments (e.g., regulatory, compliance) - Analyze complex risk scenarios and dependencies - Perform advanced quantitative analysis (e.g., Monte Carlo, decision trees) |
| Topic 4: Risk Strategy and Planning | 19-20% | - Define risk thresholds and metrics - Develop risk management strategy - Integrate risk management into project lifecycle - Plan risk management activities - Establish risk management policies and procedures |
| Topic 5: Stakeholder Engagement | 19-20% | - Communicate risk information effectively - Collaborate with cross-functional teams - Promote risk awareness and understanding - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Involve stakeholders in risk management process - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Manage stakeholder expectations regarding risks |
>> PMI PMI-RMP Certification Questions <<
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NEW QUESTION # 150
A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds.
What should the project manager do next?
Answer: C
Explanation:
According to the PMBOK Guide, 6th edition, Section 11.4.3.1, Risk Thresholds, risk thresholds are the level of risk exposure above which risks are addressed and below which risks may be accepted. Risk thresholds are determined by the organization's risk appetite, which is the degree of uncertainty that an organization is willing to accept in pursuit of its goals. Therefore, when the project manager is informed by the risk owner that the exposure from two high-impact risks are hitting the risk thresholds, the project manager should complete an assessment and confirm the response with the sponsors, who are the key stakeholders for the project and have a low risk appetite. The project manager should not update the project management plan, perform an assumptions and constraints analysis, or implement mitigation measures without first consulting with the sponsors and obtaining their approval. Reference: PMBOK Guide, 6th edition, Section 11.4.3.1, Risk Thresholds
NEW QUESTION # 151
Consider a project with a budget at completion of $1,345,000 and it is supposed to be completed by today, but it is only 80 percent complete. This project has spent $1,250,000 to reach this point of completion.
What is the schedule variance for this project?
Answer: C
NEW QUESTION # 152
The project team recorded a risk in the risk register indicating that weather-related delays may impact equipment delivery during project execution. When it is time to request the equipment shipment there is bad weather, but the client wants the equipment delivered anyway.
What should the project manager do?
Answer: A
Explanation:
The project manager should proceed with the planned risk response to move the equipment, as this is the best way to deal with the weather-related risk that was identified and recorded in the risk register. A risk register is a document that lists all the identified risks, their causes, impacts, probabilities, and responses for a project1. A risk response is a strategy or action that is taken to reduce the negative effects or enhance the positive effects of a risk event2. A risk response should be planned and executed according to the risk management plan, which is a document that describes how risk management activities will be structured and performed on a project3. The risk management plan should also define the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms3. Therefore, the project manager should follow the risk management plan and the risk register to implement the planned risk response to move the equipment, as this is the most effective and efficient way to manage the risk and meet the project objectives. Waiting until the weather improves before sending the equipment, asking the project sponsor to approve shipping the equipment, or requesting the shipment of the equipment to satisfy the client are not the best options to deal with the weather-related risk. Waiting until the weather improves may cause further delays and increase the cost and scope of the project, as well as damage the relationship with the client. Asking the project sponsor to approve shipping the equipment may not be necessary or feasible, as the project sponsor may not have the authority or the availability to make such a decision. Requesting the shipment of the equipment to satisfy the client may not be realistic or safe, as the bad weather may pose a threat to the quality and integrity of the equipment, as well as the health and safety of the people involved in the transportation. These options may also deviate from the risk management plan and the risk register, which may create confusion and inconsistency in the risk management process. Reference: 1, 2, 3.
NEW QUESTION # 153
You are the project manager of the GGK project for your company. The GGK project has a budget of
$1,265,100 and is currently 40 percent complete. In this project, you elected to add labor to the project to increase the likelihood of completing the project early as the project was only scheduled to be 35 percent complete at this time. This positive risk response, while keeping the project ahead of schedule, has added significant costs to the project. You have already spent $575,000 to reach this point in the project. Management would like to know what your cost performance index and the schedule performance index is for this project.
What are these values?
Answer: D
Explanation:
Explanation
NEW QUESTION # 154
A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created.
Which risk identification technique should the risk manager use?
Answer: D
Explanation:
The risk identification technique that the risk manager should use is the nominal group technique. This technique involves bringing stakeholders together to brainstorm potential risks and then ranking them based on their importance. This allows for interaction and collaboration among stakeholders, which can help ensure that an exhaustive list of risks is created.
The nominal group technique is a risk identification technique that involves the interaction and collaboration of stakeholders to generate an exhaustive list of risks. It is a structured process that allows each participant to share their ideas independently, then rank and prioritize them as a group. This technique ensures that all opinions are considered and reduces the influence of dominant or biased individuals12
1: PMI Risk Management Professional (PMI-RMP)®Handbook, page 10 2: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Seventh Edition, page 11.2.2.1
.
NEW QUESTION # 155
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