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| Section | Weight | Objectives |
|---|---|---|
| Risk Analysis | 23% | - Assess probability and impact - Perform quantitative risk analysis - Use simulation and modeling techniques - Perform qualitative risk analysis - Prioritize risks |
| Risk Monitoring and Reporting | 19% | - Monitor identified risks and triggers - Capture lessons learned - Track effectiveness of responses - Update risk register and documents - Communicate risk status to stakeholders - Identify new and emerging risks |
| Risk Identification | 23% | - Update risk register - Document risks and characteristics - Identify internal and external risks - Capture opportunities as well as threats - Apply identification techniques |
| Risk Strategy and Planning | 22% | - Align risk management with organizational and project objectives - Integrate risk management into project lifecycle - Create risk management plan - Develop risk management strategy - Define risk appetite, threshold, and tolerance |
| Risk Response Planning | 13% | - Develop response strategies for threats and opportunities - Integrate responses into project plan - Assign owners and responsibilities - Select appropriate response actions |
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NEW QUESTION # 61
Rob is the project manager of the IDLK Project for his company. This project has a budget of
$5,600,000 and is expected to last 18 months. Rob has learned that a new law may affect how the project is allowed to proceed - even though the organization has already invested over
$750,000 in the project. What risk response is the most appropriate for this instance?
Answer: B
NEW QUESTION # 62
A project manager for a predictive project just received a scope change request where additional development is required. What should the risk manager do to support the project manager with this scope change request?
Answer: D
Explanation:
According to the PMBOKGuide, a scope change request is a formal proposal to modify any project document, deliverable, or baseline. It is an output of the Perform Integrated Change Control process, which is the process of reviewing all change requests, approving changes, and managing changes to the deliverables, organizational process assets, project documents, and the project management plan. A scope change request may introduce new risks or affect existing risks on the project, which may impact the project objectives, such as scope, schedule, cost, and quality.
The risk manager should support the project manager with the scope change request by evaluating any new risks that are introduced due to the change in scope. This is because the risk manager is responsible for planning, implementing, and monitoring the risk management activities on the project, as well as communicating and reporting the risk information to the project manager and other stakeholders. The risk manager should use the appropriate risk identification and analysis techniques, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, probability and impact assessment, etc., to identify and evaluate the new risks that may arise from the scope change. The risk manager should also document the new risks in the risk register, which is a project document that contains the details of all identified individual project risks and other relevant information.
The other options are not valid for what the risk manager should do to support the project manager with the scope change request:
* Update the risk management plan to reflect the scope change: This is not a valid option because the risk management plan is a component of the project management plan, which describes how risk management activities will be structured and performed on the project. It is an output of the Plan Risk Management process, which is the process of defining how to conduct risk management activities for a project. The risk management plan should not be updated to reflect the scope change, but rather to reflect any changes in the risk management approach, methodology, roles and responsibilities, budget, timing, risk categories, definitions, reporting formats, etc. The risk management plan should be updated only when there is a change in the risk management process, not in the project scope.
* Reassess the identified risks that impact the project scope: This is not a valid option because reassessing the identified risks that impact the project scope is part of the Monitor Risks process, which is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The risk manager should not reassess the identified risks that impact the project scope before evaluating any new risks that are introduced due to the change in scope. The risk manager should first identify and analyze the new risks, and then reassess the existing risks to determine if they are still valid, relevant, and prioritized.
* Update the risk register to identify, analyze, and plan a response for any new risk: This is not a valid option because updating the risk register to identify, analyze, and plan a response for any new risk is a combination of several risk management processes, such as Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, and Plan Risk Responses. The risk manager should not update the risk register to identify, analyze, and plan a response for any new risk in one step, but rather follow the sequential and iterative risk management processes to ensure a comprehensive and consistent risk management approach. The risk manager should also coordinate and communicate with the project manager and other stakeholders when updating the risk register, as well as obtain their approval and input.
PMBOKGuide1, Risk Management Professional (PMI-RMP)®Cert Guide1
NEW QUESTION # 63
Which of the following events would result in a baseline update?
Answer: B
NEW QUESTION # 64
Amy is the project manager for her company. In her current project the organization has a very low tolerance for risk events that will affect the project schedule. Management has asked Amy to consider the affect of all the risks on the project schedule. What approach can Amy take to create a bias against risks that will affect the schedule of the project?
Answer: C
NEW QUESTION # 65
You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involvs five distinct phases, how often should risk identification take place?
Answer: C
NEW QUESTION # 66
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