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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: 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 2: Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Manage contingency reserves - Implement risk responses - Identify risks using various techniques - Perform quantitative risk analysis - Perform qualitative risk analysis - Plan risk responses |
| Topic 3: Stakeholder Engagement | 19-20% | - Collaborate with cross-functional teams - Manage stakeholder expectations regarding risks - Communicate risk information effectively - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Promote risk awareness and understanding - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Involve stakeholders in risk management process |
| Topic 4: Risk Strategy and Planning | 19-20% | - Establish risk management policies and procedures - Develop risk management strategy - Integrate risk management into project lifecycle - Plan risk management activities - Define risk thresholds and metrics |
| Topic 5: Risk Monitoring and Reporting | 19-20% | - Review risk audit results - Monitor identified and emerging risks - Capture lessons learned regarding risks - Update risk register and documentation - Track risk metrics and triggers - Evaluate risk response execution - Report risk management performance |
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NEW QUESTION # 100
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: D
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 # 101
You are the project manager of the NHH Project for your company and you have completed the risk analysis processes for the risk events. You and the project team have created risk responses for most of the identified project risks. Now, you would like to assign risk owners to the events. Which risk events should have risk response owners?
Answer: A
Explanation:
Explanation
NEW QUESTION # 102
Which of the following processes is described in the statement below? "This is the process of numerically analyzing the effect of identified risks on overall project objectives."
Answer: B
NEW QUESTION # 103
You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified 80 risks that have a low probability and low impact as the project is currently planned. Nancy's concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference. What should you tell Nancy?
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION # 104
You are the project manager of the NHJ project for your company. This project has a budget at completion of
$1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule. Management would like to know, based on current performance, what the estimate at completion for this project will be.
What is the estimate at completion?
Answer: D
NEW QUESTION # 105
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