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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Identification | 23% | - Update risk register - Identify internal and external risks - Apply identification techniques - Document risks and characteristics - Capture opportunities as well as threats |
| Topic 2: Risk Strategy and Planning | 22% | - Integrate risk management into project lifecycle - Align risk management with organizational and project objectives - Create risk management plan - Develop risk management strategy - Define risk appetite, threshold, and tolerance |
| Topic 3: Risk Response Planning | 13% | - Select appropriate response actions - Integrate responses into project plan - Assign owners and responsibilities - Develop response strategies for threats and opportunities |
| Topic 4: Risk Analysis | 23% | - Perform qualitative risk analysis - Prioritize risks - Assess probability and impact - Use simulation and modeling techniques - Perform quantitative risk analysis |
| Topic 5: Risk Monitoring and Reporting | 19% | - Track effectiveness of responses - Communicate risk status to stakeholders - Capture lessons learned - Monitor identified risks and triggers - Update risk register and documents - Identify new and emerging risks |
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NEW QUESTION # 225
What is the primary difference between a risk audit and a risk reassessment?
Answer: B
Explanation:
Risk reassessment is an ongoing activity by the project team. Risks should be discussed at every status meeting. Risk audits are performed during the project life cycle to examine and document the effectiveness of risk responses. They are conducted at appropriate frequencies as defined in the risk management plan. [Monitoring and Controlling] PMI®, PMBOK® Guide, 2013, 351
NEW QUESTION # 226
As per the risk analysis process carried out for a project, two risks are registered. The probability risk A will occur is 40% and its monetary impact to the project is US$100,000. The probability risk B will occur is 60% and its monetary impact to the project is US$20,000.
What is the total contingency budget that should be created?
Answer: D
Explanation:
Explanation
The total contingency budget that should be created is US$52,000. This is calculated by multiplying the probability of each risk occurring by its monetary impact and then adding the results together: (0.4 * 100000)
+ (0.6 * 20000) = 40000 + 12000 = 52000. This calculation takes into account the likelihood of each risk occurring and its potential impact on the project.
NEW QUESTION # 227
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: A
NEW QUESTION # 228
You are the project manager of a large construction project. This project will last for 18 months and will cost $750,000 to complete. You are working with your project team, experts, and stakeholders to identify risks within the project before the project work begins. Management wants to know why you have scheduled so many risk identification meetings throughout the project rather than just initially during the project planning. What is the best reason for the duplicate risk identification sessions?
Answer: B
NEW QUESTION # 229
A project team is concluding the first monthly meeting on a new engineering project, with regular review of project risks. Which document should the risk manager update to reflect the risks ' current status?
Answer: B
Explanation:
The correct answer is C. Revise the risk register to reflect changes in risk status and include new mitigation actions.
The question asks which document should be updated to reflect the current status of risks after a regular project risk review meeting. In standard project risk practice, the risk register is the primary document used to record identified risks, their current condition, ownership, probability, impact, triggers, response actions, and status updates. When risks are reviewed during recurring meetings, the risk manager should update the risk register so it accurately reflects the latest information.
This includes:
* changes in probability or impact,
* status of existing response actions,
* newly identified mitigation activities,
* newly identified risks,
* closed risks,
* secondary or residual risks where relevant.
Why the other options are incorrect:
* A. Maintain the risk response plan and continuously monitor actions taken to mitigate risks. This describes an activity, not the main document that captures the current status of each risk. The question asks specifically which document should be updated.
* B. Ensure that the risk management plan is reviewed to incorporate adjustments in risk strategies. The risk management plan defines the overall approach, methodology, roles, thresholds, and reporting processes for risk management. It is not the document typically updated during routine monthly reviews to show current risk status.
* D. Update the project schedule to reflect the impacts of risks and adjustments to timelines. The schedule may need updates if risks affect timelines, but it is not the core risk tracking document. The direct and primary document for risk status is the risk register.
Best-practice reasoning:
Routine risk monitoring requires accurate and current risk documentation. The risk register is the operational tool used to track ongoing changes in the project's risk profile and response progress.
Reference-aligned basis:
This answer is consistent with standard risk management guidance that emphasizes:
* the risk register as the central repository for identified risks and their status,
* updating the register during monitoring and review activities,
* recording response actions and changes in exposure over time.
References:
PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide) , Monitor Risks PMI, Practice Standard for Project Risk Management ISO 31000, risk recording, monitoring, and review principles
NEW QUESTION # 230
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