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NEW QUESTION # 94
The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual-relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?
Answer: B
NEW QUESTION # 95
You are the project manager for BlueWell Inc. Your current project is a high priority and high profile project within your organization. You want to identify the project stakeholders that will have the most power in relation to their interest on your project. This will help you plan for project risks, stakeholder management, and ongoing communication with the key stakeholders in your project. In this process of stakeholder analysis, what type of a grid or model should you create based on
these conditions?
Answer: A
NEW QUESTION # 96
Three months into a program, multiple workstreams are showing issues. At this point, the program manager requires that a risk impact assessment be conducted.
What will help calculate the impact?
Answer: D
Explanation:
Explanation
Risk impact assessment involves calculating the impact of identified risks. Risk analysis is the process of examining, estimating, and evaluating the impact of risks, which helps in calculating the impact (Reference:
PMBOK Guide, 6th Edition, p. 417)
Risk analysis is the process of assessing the likelihood and impact of the identified risks on the program objectives. It helps to calculate the impact of the risks by using qualitative or quantitative methods. Risk analysis can provide useful information for risk prioritization, risk response planning, and risk reporting.
References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 67; PMI, The Standard for Program Management, Fourth Edition, 2017, p. 113.
NEW QUESTION # 97
Kelly is the project manager of the BHH project for her organization. She is completing the risk identification process for this portion of her project. Which one of the following is the only thing that the risk identification process will create for Kelly?
Answer: C
NEW QUESTION # 98
A project manager managing a high-risk project has been informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for recommendations. The risk manager had previously identified this risk and created a transition plan to enable another resource to perform the same duties. The risk manager is informed that transitioning the responsibilities to the new resource creates new risks to the completion dates of other project-related tasks.
What should the risk manager advise the project manager?
Answer: B
Explanation:
The newly created schedule risks are secondary risks because they arose as a direct result of implementing the response to the original resource-departure risk.
Secondary risks should be managed through the established risk-management process.
The risk manager should ensure that the new risks are recorded, analyzed, prioritized, assigned to risk owners, and provided with appropriate responses. The risks should then be monitored in accordance with the risk management plan.
The process normally includes documenting the cause, risk event, and potential effect; assessing probability and impact; identifying urgency and proximity; assigning ownership; planning responses; identifying triggers; and monitoring residual and secondary exposure.
Option B is incorrect because individual risk probability, impact, ownership, and response information is generally maintained in the risk register or risk report. The risk management plan defines how risk management will be performed.
Option C is incorrect because acceptance should only be selected after analysis confirms that it is the most appropriate strategy. The absence of a current response plan does not automatically justify accepting the risk.
Option D is incorrect because escalation is required when the risk exceeds the project's authority, tolerance, or agreed thresholds. Not every secondary risk must be immediately escalated.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.5, Plan Risk Responses, including residual and secondary risks.
PMI, PMBOK Guide-Sixth Edition, Section 11.7, Monitor Risks.
PMI, Practice Standard for Project Risk Management, response implementation and risk-monitoring guidance.
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, guidance concerning risk ownership, escalation, monitoring, and secondary risks.
NEW QUESTION # 99
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