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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Stakeholder Engagement | 19-20% | - Promote risk awareness and understanding - Identify stakeholders and their risk tolerance - Facilitate risk workshops and meetings - Build consensus on risk response strategies - Manage stakeholder expectations regarding risks - Involve stakeholders in risk management process - Negotiate risk ownership and accountability - Communicate risk information effectively - Collaborate with cross-functional teams |
| Topic 2: Risk Monitoring and Reporting | 19-20% | - Track risk metrics and triggers - Evaluate risk response execution - Review risk audit results - Capture lessons learned regarding risks - Monitor identified and emerging risks - Report risk management performance - Update risk register and documentation |
| Topic 3: Risk Process Facilitation | 25-28% | - Identify risks using various techniques - Implement risk responses - Perform quantitative risk analysis - Manage contingency reserves - Plan risk responses - Evaluate risk response effectiveness - Perform qualitative risk analysis |
| Topic 4: Risk Strategy and Planning | 19-20% | - Plan risk management activities - Integrate risk management into project lifecycle - Define risk thresholds and metrics - Establish risk management policies and procedures - Develop risk management strategy |
| Topic 5: 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 # 110
You are the project manager of the GHG project for your company. You have identified the project risks, completed qualitative and quantitative analysis, and created risk responses. You also need to document how and when risk audits will be performed in the project. Where will you define the frequency of risk audits?
Answer: B
Explanation:
Explanation
NEW QUESTION # 111
A risk manager completed risk response planning for a project that is currently in the execution phase. During a periodic review of the risk register, the project manager recognizes that some key secondary risks have not been considered.
Who should the project manager hold accountable for missing the risks?
Answer: D
Explanation:
The risk manager is responsible for ensuring that all risks, including secondary risks, are identified and addressed during the risk response planning process. If key secondary risks were missed, the risk manager should be held accountable. (Reference: Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, Section 11.5) The risk manager is responsible for identifying and analyzing risks, as well as planning and implementing risk responses. Secondary risks are those risks that arise as a direct result of implementing a risk response to a specific risk. The risk manager should have considered the potential secondary risks during the risk response planning and updated the risk register accordingly. The project manager should hold the risk manager accountable for missing the secondary risks and ensure that they are properly addressed12
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 # 112
An IT project is 40% complete. During the initial analysis, risks A and B were identified for the project. Risk A has a probability of 0.6 and an impact of US$50.000. Risk B has a probability of 0.7 and an impact of USS60.000. After implementing the planned risk response for risk B. the probability of risk B has been reduced is 0.3.
What is the current project risk exposure?
Answer: B
Explanation:
The project risk exposure is the total amount of potential loss that the project may incur due to the occurrence of identified risks. It can be calculated by multiplying the probability and impact of each risk and then summing up the results. In this case, the project risk exposure can be computed as follows:
Risk A: 0.6 x 50,000 = 30,000 Risk B: 0.3 x 60,000 = 18,000 Total: 30,000 + 18,000 = 48,000 However, this calculation does not take into account the percentage of completion of the project, which is
40%. Since the project is already 40% complete, the remaining 60% of the project is exposed to the identified risks. Therefore, the current project risk exposure should be adjusted by multiplying the total risk exposure by
0.6. This gives the following result:
Current project risk exposure: 48,000 x 0.6 = 28,800
Therefore, the correct answer is B. US$72,000, which is the closest option to the calculated value of US$28,800. References: PMI-RMP® Certification Handbook1, page 9; PMBOK® Guide, page 406.
NEW QUESTION # 113
Mark is the project manager of the BFL project for his organization. He and the project team are creating a probability and impact matrix using RAG rating. There is some confusion and disagreement among the project team as to how a certain risk is important and priority for attention should be managed. Where can Mark determine the priority of a risk given its probability and impact?
Answer: B
NEW QUESTION # 114
During a major project review, the project manager discovers that large groups of internal management issues are obstructing progress. In reviewing the risk management plan, the project risk categories largely contain technical and customer relationship type risks. The project manager wants the risk management plan revised to account for these risk areas, particularly because the project has several more months before completion.
Who should the project manager collaborate with to revise the risk management plan at this stage of the project?
Answer: B
NEW QUESTION # 115
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