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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Analysis | 23% | - Prioritize risks - Perform qualitative risk analysis - Perform quantitative risk analysis - Use simulation and modeling techniques - Assess probability and impact |
| Topic 2: Risk Strategy and Planning | 22% | - Define risk appetite, threshold, and tolerance - Align risk management with organizational and project objectives - Create risk management plan - Integrate risk management into project lifecycle - Develop risk management strategy |
| Topic 3: Risk Response Planning | 13% | - Select appropriate response actions - Develop response strategies for threats and opportunities - Integrate responses into project plan - Assign owners and responsibilities |
| Topic 4: Risk Identification | 23% | - Apply identification techniques - Update risk register - Identify internal and external risks - Document risks and characteristics - Capture opportunities as well as threats |
| Topic 5: Risk Monitoring and Reporting | 19% | - Track effectiveness of responses - Update risk register and documents - Identify new and emerging risks - Communicate risk status to stakeholders - Capture lessons learned - Monitor identified risks and triggers |
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NEW QUESTION # 139
A new risk manager is assigned to an ongoing project, what should the new risk manager do first to assess the project environment?
Answer: C
Explanation:
When a new risk manager is assigned to an ongoing project, their first step should be to review the existing risk management plan to understand the current policies, practices, and strategies in place.
The new risk manager should first review the policies and practices that are outlined in the risk management plan, as this is the document that describes how risk management will be performed on the project. The risk management plan 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 structure for the project. The new risk manager should familiarize themselves with the risk management plan to understand the project environment and the expectations and requirements for risk management. The other options are not the first actions that the new risk manager should take. Reviewing potential next steps with the project team is a good practice, but it should be done after reviewing the risk management plan to ensure alignment and consistency. Reviewing the scope of work to determine the prescribed project methodology is not directly related to risk management, and it may not provide sufficient information about the project environment and the risk management approach. Reviewing the contract and determining the resources and project funding is part of the project initiation process, and it may not reflect the current status and issues of the project. References: 2, 3, 4
NEW QUESTION # 140
When considering human factors and risk attitudes relative to the risk process, which approach should be used to influence the risk management process for optimal effects at the individual and group levels?
Answer: B
NEW QUESTION # 141
You are the project manager of the YHG project for your company. Within the project, you and the project team have identified a risk event that could have a financial impact on the project of $450,000. This risk event has a 70 percent chance of occurring in the project. The project identifies a solution that will reduce the probability of the risk event to ten percent, but it will cost $260,000 to implement. Management agrees with the solution and asks that you include the risk response in the project plan. What risk response is this?
Answer: A
NEW QUESTION # 142
The project team recorded a risk in the risk register indicating that weather-related delays may impact equipment delivery during project execution. When it is time to request the equipment shipment there is bad weather, but the client wants the equipment delivered anyway.
What should the project manager do?
Answer: A
Explanation:
Explanation
The project manager should proceed with the planned risk response to move the equipment (C) since the risk of weather-related delays was already identified and recorded in the risk register. This approach ensures that the project team is prepared to handle the situation andcan mitigate the impact of the risk. This is consistent with the PMI's PMBOK Guide, Sixth Edition.
NEW QUESTION # 143
A regional vendor for custom manufactured steel oil derricks, is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to property install the deep water structure. There are several schedule and cost incentives for early completion, and the project manager asks the project risk coordinator to perform an analysis, which will predict the probability of meeting the incentive dates. While researching methods that could be used for performing this analysis, the risk manager realizes that there are readily available spreadsheets within the organization. The risk manager is considering performing a Method of Moments (PERT) analysis with software already owned, or the other option is to buy a commercial risk analysis software suite that will perform Latin Hypercube Monte Carlo simulations at a cost of US$975.
What would be the best analytical option for this probability assessment?
Answer: B
NEW QUESTION # 144
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