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| Section | Objectives |
|---|---|
| Risk Strategy and Planning | - Risk Management Planning - Stakeholder Engagement in Risk |
| Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Risk Response Planning | - Opportunity Response Strategies - Threat Response Strategies |
| Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
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NEW QUESTION # 72
Which of the following is a risk response planning technique associated with threats that seeks to reduce the probability of occurrence or impact of a risk to below an acceptable threshold?
Answer: C
NEW QUESTION # 73
Consider a project with a budget at completion of $1,345,000 and it is supposed to be completed by today, but it is only 80 percent complete. This project has spent $1,250,000 to reach this point of completion. What is the schedule variance for this project?
Answer: D
NEW QUESTION # 74
A risk management team has completed a quantitative analysis, and the individual score in terms of schedule and cost has been identified. The team is consolidating inputs for contingency planning and notices that the available time and funds are not sufficient for all the risks.
What should the risk manager advise the project team?
Answer: A
Explanation:
In situations where available time and funds are insufficient to address all identified risks, it ' s imperative to prioritize risks based on their potential impact on the project. Focusing on high-impact risks ensures that the most critical threats to project success are managed effectively within the constraints. This approach involves conducting a thorough risk assessment to categorize risks by their severity and likelihood, allowing the project team to allocate resources strategically. By concentrating on high-impact risks, the team can develop contingency plans that safeguard the project ' s primary objectives, even if lower-impact risks cannot be fully mitigated due to resource limitations.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide emphasizes the importance of prioritizing risks, stating that " project teams often face constraints in resources, making it essential to focus on risks that pose the greatest threat to project objectives. "
NEW QUESTION # 75
A critical piece of equipment broke during a project execution phase. The risk manager notices this risk in the risk register, and the response is to rent equipment until the critical piece is repaired.
What type of risk response is this?
Answer: A
Explanation:
Renting equipment until the critical piece is repaired is a "Mitigate" response. Mitigation involves taking actions to reduce the impact or likelihood of a risk event. In this case, renting equipment is a way to reduce the impact of the equipment breakdown on the project's timeline and execution, thereby ensuring that the project can continue with minimal disruption.
PMI's guidelines describe mitigation as a strategy to reduce the severity or probability of a risk, making it a suitable response in this scenario.
NEW QUESTION # 76
Bill is the project manager for a project that will last six months and has a budget of $580,000. In this project a high-risk has been identified with the new materials the project will be using. Bill would like to assign one person, Beth, to be responsible to monitor this risk. Bill assigns Beth the authority to respond to the risk event if it appears in the risk events that is likely to happen. In addition, Bill hires a consultant to work with Beth on this area of the project. In this instance, who is the risk response owner?
Answer: C
NEW QUESTION # 77
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