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| Section | Weight | Objectives |
|---|---|---|
| Risk Monitoring and Reporting | 19-20% | - Capture lessons learned regarding risks - Evaluate risk response execution - Review risk audit results - Track risk metrics and triggers - Update risk register and documentation - Report risk management performance - Monitor identified and emerging risks |
| Stakeholder Engagement | 19-20% | - Involve stakeholders in risk management process - Promote risk awareness and understanding - Manage stakeholder expectations regarding risks - Collaborate with cross-functional teams - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Communicate risk information effectively |
| 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) |
| Risk Process Facilitation | 25-28% | - Implement risk responses - Perform qualitative risk analysis - Perform quantitative risk analysis - Plan risk responses - Evaluate risk response effectiveness - Identify risks using various techniques - Manage contingency reserves |
| Risk Strategy and Planning | 19-20% | - Define risk thresholds and metrics - Plan risk management activities - Develop risk management strategy - Establish risk management policies and procedures - Integrate risk management into project lifecycle |
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NEW QUESTION # 130
An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.
What should the risk manager do next?
Answer: C
Explanation:
Explanation
The risk manager should update the risk register with both the opportunities and threats identified during the SWOT analysis. This will help in tracking and managing all potential risks throughout the project lifecycle.
NEW QUESTION # 131
The team has just completed a risk response planning session and identified responses for all the high and medium priority risks. What should the team do with the remaining low priority risks?
Answer: A
NEW QUESTION # 132
Towards the end of definitive design, project costs have increased to the point where it will be classified as a capital asset project. The customer has expressed they want one final total project completion date and will afford no extensions after it is established.
How should the risk manager proceed?
Answer: B
Explanation:
The risk manager should perform a quantitative risk analysis to determine the potential impact of risks on the project's completion date. This will help in providing a more accurate project completion date to the customer, considering the risks and their potential effects on the project schedule.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, one of the tasks in the domain of Risk Analysis is to perform quantitative risk analysis using techniques such as Monte Carlo simulation, decision tree analysis, sensitivity analysis, etc., to quantify the possible outcomes for the project and their probabilities, and to evaluate the cost and schedule impacts of risks1. In this scenario, the risk manager should perform a quantitative risk analysis and update the results, because the project costs have increased significantly and the customer has imposed a strict deadline for the project completion. A quantitative risk analysis will help the risk manager to estimate the probability of meeting the project objectives, such as cost and schedule, and to determine the appropriate contingency reserves for the project. A quantitative risk analysis will also provide more accurate and reliable information for the customer and the project team, and will support the risk response planning process2. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 92: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, pages 431-432.
NEW QUESTION # 133
Which of the following will ultimately determine risk thresholds?
Answer: A
NEW QUESTION # 134
Product testing can be done in multiple ways. A few project team members suggest testing be done in a laboratory environment, whereas others recommend completing the analysis via simulation methods. The testing manager has consulted with a peer, who recommends undertaking testing using field trials. The testing manager consults with the risk manager to assess the risk involved in the testing.
Which tool should the risk manager consider for assessing the test risk?
Answer: B
NEW QUESTION # 135
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