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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Strategy and Planning | 19-20% | - Develop risk management strategy - Integrate risk management into project lifecycle - Establish risk management policies and procedures - Plan risk management activities - Define risk thresholds and metrics |
| Topic 2: Risk Process Facilitation | 25-28% | - Identify risks using various techniques - Manage contingency reserves - Implement risk responses - Perform quantitative risk analysis - Evaluate risk response effectiveness - Plan risk responses - Perform qualitative risk analysis |
| Topic 3: Stakeholder Engagement | 19-20% | - Facilitate risk workshops and meetings - Involve stakeholders in risk management process - Manage stakeholder expectations regarding risks - Collaborate with cross-functional teams - Build consensus on risk response strategies - Communicate risk information effectively - Promote risk awareness and understanding - Negotiate risk ownership and accountability - Identify stakeholders and their risk tolerance |
| Topic 4: 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) |
| Topic 5: Risk Monitoring and Reporting | 19-20% | - Review risk audit results - Update risk register and documentation - Monitor identified and emerging risks - Track risk metrics and triggers - Report risk management performance - Capture lessons learned regarding risks - Evaluate risk response execution |
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NEW QUESTION # 152
You are the project manager of the GHE Project. You have identified the following risks with the characteristics as shown in the following figure: How much capital should the project set aside for the risk contingency reserve?
Answer: B
NEW QUESTION # 153
An organization faces immense competition in the market and decides 10 accelerate a key project. What is the first action for the project risk manager to take?
Answer: B
Explanation:
The risk management plan is a document that describes how risk management activities will be structured and performed on a project. It defines the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms1. The risk management plan should be aligned with the project management plan, which defines the project scope, schedule, cost, quality, and other aspects2. When an organization decides to accelerate a key project, it means that the project objectives, assumptions, constraints, and environment have changed. This will affect the risk exposure and profile of the project, as well as the risk management approach and resources. Therefore, the first action for the project risk manager to take is to revise the risk management plan to reflect the new situation and ensure that the risk management process is still effective and efficient. Revising the risk management plan may involve updating the risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms to suit the accelerated project. The project risk manager should also communicate the revised risk management plan to the relevant stakeholders and obtain their approval and support1. Ensuring sufficient resources are available, updating the risk register, and meeting with the project's stakeholders are all important actions to take when accelerating a project, but they are not the first action. These actions should be done after revising the risk management plan, as they depend on the updated risk management approach and process. For example, the project risk manager may need to allocate more resources to risk management activities, identify and analyze new or changed risks, implement new or modified risk responses, and report the risk status and performance to the stakeholders based on the revised risk management plan1. Reference: 2, 1.
When a project is accelerated, the risk landscape changes. The project risk manager should first revise the risk management plan to address the new timeline and its potential impacts on the project. This will help in identifying new risks, reassessing existing risks, and updating risk responses.
NEW QUESTION # 154
Within the organizational process assets, where would the project manager find risk response effectiveness from past projects?
Answer: D
NEW QUESTION # 155
A pharmaceutical company undertakes a new, year-long research and development (R&D) project. The company pursues high margins on investments and an aggressive growth strategy. They maintain a central program management office (PMO) to assist with new projects and record data on past project performance.
The company leadership regularly makes decisions regarding the full suite of company projects and requires comparative data and reports. Project leadership is well-versed in risk management and the PMO requires full documentation of project management artifacts.
Based on the characteristics of this new project, which of the following best describes the risk strategy for the project?
Answer: B
NEW QUESTION # 156
A company is executing a high-visibility project to develop mobile phone technology. The project sponsor is concerned that an overall high risk rating may undermine support for the project within the company. The sponsor has instructed the project manager to manipulate the data used for Monte Carlo simulation to artificially reduce the risk rating. What should the project manager do?
Answer: A
Explanation:
Explanation
NEW QUESTION # 157
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