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| Section | Objectives |
|---|---|
| Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
| Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
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NEW QUESTION # 14
After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team. This is a major issue and will cause a
2-week delay in the project.How could the risk manager have avoided the board's response?
Answer: C
Explanation:
According to the PMBOK Guide, risk prioritization is the process of assigning a level of importance to each identified risk based on its probability and impact, as well as other factors such as urgency, stakeholder tolerance, and project objectives. Risk prioritization helps the project team to focus on the most significant risks and allocate resources accordingly. One of the tools and techniques for risk prioritization is stakeholder engagement, which involves involving the key stakeholders in the risk analysis and decision making process.
Stakeholder engagement helps to ensure that the risk prioritization reflects the expectations and preferences of the stakeholders, and that they are aware of and agree with the results. By engaging the key stakeholders during the prioritization process, the risk manager could have avoided the board's request to sort the risks differently, as the board would have been part of the process and would have accepted the outcome. References: = PMBOK Guide, 6th edition, pages 406-407; The Standard for Risk Management in Portfolios, Programs, and Projects, page 67.
NEW QUESTION # 15
The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities. How will the risk manager accomplish this?
Answer: C
Explanation:
The risk manager can ensure the organizational process assets (OPAs) are updated as a result of risk management activities by arranging periodic risk management process audits. These audits help evaluate the effectiveness of risk management processes and identify areas of improvement, leading to updates in the OPAs.
According to the PMBOK Guide, one of the tools and techniques for the monitor risks process is audits.
Audits are examinations of the risk management processes to ensure that they are aligned with the project objectives and are following the organizational policies and procedures. Audits can also identify any gaps, inconsistencies, or areas of improvement in the risk management activities. By conducting periodic audits, the risk manager can ensure that the organizational process assets are updated and reflect the current state of the project risk management. Some of the organizational process assets that can be updated as a result of audits are risk management templates, risk categories, risk databases, and lessons learned1 . References: PMBOK Guide, 6th edition, pages 456-457, 481-4821; PMI-RMP Exam Content Outline, 2015, page 9
NEW QUESTION # 16
In what portion of a project are risk and opportunities greatest and require intense planning and anticipation of risk events?
Answer: D
NEW QUESTION # 17
During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting. What should the project manager do?
Answer: D
Explanation:
The The project manager should include secondary and residual risks as part of the risk response plan. Secondary risks are those risks that arise as a direct result of implementing a risk response to a specific risk. Residual risks are those risks that are expected to remain after the planned responses of risks have been taken, as well as those that have been deliberately accepted. Both secondary and residual risks should be identified, analyzed, and monitored throughout the project life cycle. The project manager should communicate the risk response plan to the project sponsor and other stakeholders, and explain how the project team has planned to manage the secondary and residual risks12 Reference:
project manager should include secondary and residual risks in the risk response plan, as they may still impact the project. Proactively addressing these risks will help the project team to be prepared and manage them effectively if they occur.
NEW QUESTION # 18
A project is evaluating a new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process.
What should the risk manager do next with the data set?
Answer: D
Explanation:
Explanation
After gathering cycle time data, the risk manager should perform a risk data quality assessment to ensure the data is accurate, reliable, and relevant for evaluating the current process and the new software.
A risk data quality assessment is a technique to evaluate the degree to which the data about risks is useful and accurate for risk management. It involves examining the reliability, credibility, accuracy, and validity of the data collected. A risk data quality assessment can help the risk manager to determine the confidence level of the risk analysis and the quality of the risk responses. Performing a risk data quality assessment is the next logical step after gathering the cycle time data, as it will help to ensure that the data is suitable for further analysis and decision making. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications1, page 9; A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 397.
NEW QUESTION # 19
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