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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Monitoring and Reporting | 19-20% | - Evaluate risk response execution - Capture lessons learned regarding risks - Monitor identified and emerging risks - Track risk metrics and triggers - Report risk management performance - Update risk register and documentation - Review risk audit results |
| Topic 2: Risk Process Facilitation | 25-28% | - Perform qualitative risk analysis - Evaluate risk response effectiveness - Implement risk responses - Perform quantitative risk analysis - Identify risks using various techniques - Manage contingency reserves - Plan risk responses |
| Topic 3: 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) |
| Topic 4: Stakeholder Engagement | 19-20% | - Collaborate with cross-functional teams - Promote risk awareness and understanding - Identify stakeholders and their risk tolerance - Negotiate risk ownership and accountability - Communicate risk information effectively - Involve stakeholders in risk management process - Build consensus on risk response strategies - Facilitate risk workshops and meetings - Manage stakeholder expectations regarding risks |
| Topic 5: Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Integrate risk management into project lifecycle - Develop risk management strategy - Plan risk management activities - Define risk thresholds and metrics |
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NEW QUESTION # 144
A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event?
Answer: B
NEW QUESTION # 145
A project manager has just been assigned to a new project. The project manager has been tasked by the project sponsor to ensure the project risks are closely managed. The project manager starts with developing the risk management plan.
What is the expected outcome of developing the risk management plan?
Answer: A
Explanation:
The expected outcome of developing the risk management plan is to define how risk management activities will be executed throughout the project. This includes the processes, tools, and techniques that will be used to identify, assess, and manage risks.
The risk management plan is a document that describes how risk management activities will be structured and performed throughout the project. It provides guidance on how to identify, analyze, respond, monitor, and control risks, as well as how to communicate, document, and report them. The risk management plan also defines the roles and responsibilities of the project team and stakeholders in risk management, the risk categories and breakdown structure, the risk thresholds and appetite, the risk management tools and techniques, and the risk management budget and schedule. The risk management plan is an output of the plan risk management process, which is the first process in the project risk management knowledge area.
Developing the risk management plan is essential for ensuring that the project risks are closely managed and aligned with the project objectives and stakeholder expectations. References: PMI, Project Risk Management, 2nd edition, 2019, p. 67-681
NEW QUESTION # 146
A risk manager is overseeing the construction of a new office building and finds that some risks were underestimated in their impact on the project timeline and budget. The risk manager is reassessing the current risk levels to prevent further escalation.
Which two actions should the risk manager take? Choose two.
Answer: C,E
Explanation:
The risk manager should update the risk priorities in the risk register and facilitate the selection of appropriate response strategies for the risks that are now considered high priority.
Option C is correct because risk information must be updated whenever reassessment identifies a change in risk exposure. If the original schedule and budget impacts were underestimated, the risk register should be revised to reflect the new information.
Updates may include:
* Revised probability ratings.
* Revised cost and schedule impacts.
* Revised probability-and-impact scores.
* Updated risk priorities.
* Changes in urgency or proximity.
* Updated risk triggers.
* Updated risk owners and action owners.
* Revised residual and secondary risks.
* New escalation requirements.
* Changes to contingency or management reserves.
Accurate and current risk information enables stakeholders to make informed decisions and ensures that attention and resources are directed toward the most significant risks.
Option D is correct because risks that have increased to a high-priority level require appropriate response planning. A risk-planning workshop allows the relevant stakeholders, risk owners, construction specialists, cost experts, schedule experts, contractors, and project leadership to select and agree on suitable response strategies.
For threats, the available response strategies may include:
* Avoid.
* Mitigate.
* Transfer.
* Escalate.
* Accept.
The workshop should also define response actions, responsibilities, deadlines, required resources, triggers, contingency plans, fallback plans, and reporting requirements.
Option A may be useful for determining why the original assessments were inaccurate. However, it is not one of the two most immediate actions. The priority is to update the risk information and plan appropriate responses.
Option B is incorrect because automation does not correct inaccurate risk assessments or determine suitable responses. Automated tracking is only effective when the underlying data and criteria are accurate.
Option E may be useful in certain circumstances, but predictive analytics is only one possible analysis technique. The question already states that the risks are being reassessed. The immediate required actions are to update the risk priorities and develop appropriate responses.
References:
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects. PMI, PMBOK Guide, Sixth Edition, Section 11.7, Monitor Risks. PMI, PMBOK Guide, Sixth Edition, Section 11.5, Plan Risk Responses. PMI, PMBOK Guide, Seventh Edition, Uncertainty and Measurement Performance Domains.
PMI-RMPExamination Content Outline, Monitor and Close Risks Domain. PMI-RMPExamination Content Outline, Risk Response Domain. ISO 31000:2018, Risk Management-Guidelines, Sections 6.4.3,
6.4.4, 6.5, and 6.6.
NEW QUESTION # 147
Fred is the project manager of a large project in his organization. Fred needs to begin planning the risk management plan with the project team and key stakeholders. Which plan risk management process tool and technique should Fred use to plan risk management?
Answer: D
NEW QUESTION # 148
When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)
Answer: A,B
Explanation:
According to the PMBOK Guide, one of the tools and techniques for the identify risks process is data gathering. Data gathering is the process of collecting information from various sources to identify potential risks that may affect the project objectives. Some of the data gathering techniques are brainstorming, interviews, checklists, assumption and constraint analysis, and document analysis1. To conduct a risk identification exercise using data gathering techniques, the risk manager should take the following actions:
* Arrange a team meeting, review the project's scope, and discuss dependency mapping. This action can help the risk manager to facilitate a brainstorming session with the project team and other subject matter experts, where they can generate a list of potential risks based on the project scope and the dependencies among the project activities. Dependency mapping is a technique that helps to identify the relationships and interdependencies among the project components, such as tasks, resources, deliverables, and stakeholders2. By reviewing the project scope and discussing the dependency mapping, the risk manager can ensure that the risk identification exercise covers all the relevant aspects of the project and does not miss any important risk sources.
* Ensure that all the relevant stakeholders participate. This action can help the risk manager to obtain different perspectives and insights from the stakeholders who have different roles, interests, and expectations in the project. Stakeholders are individuals or groups who can affect or be affected by the project outcomes. They may have valuable information, experience, or expertise that can help to identify potential risks that may not be obvious to the project team. By ensuring that all the relevant stakeholders participate in the risk identification exercise, the risk manager can increase the comprehensiveness and accuracy of the risk identification process and foster stakeholder engagement and buy-in1. References: PMBOK Guide, 6th edition, pages 397-399, 414-4151; Mastering the PMI Risk Management Professional (PMI-RMP) Exam, page 70
NEW QUESTION # 149
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