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| Section | Weight | Objectives |
|---|---|---|
| Risk Strategy and Planning | 19-20% | - Integrate risk management into project lifecycle - Develop risk management strategy - Establish risk management policies and procedures - Define risk thresholds and metrics - Plan risk management activities |
| Stakeholder Engagement | 19-20% | - Build consensus on risk response strategies - Identify stakeholders and their risk tolerance - Involve stakeholders in risk management process - Manage stakeholder expectations regarding risks - Collaborate with cross-functional teams - Negotiate risk ownership and accountability - Facilitate risk workshops and meetings - Promote risk awareness and understanding - Communicate risk information effectively |
| Risk Process Facilitation | 25-28% | - Perform qualitative risk analysis - Identify risks using various techniques - Manage contingency reserves - Evaluate risk response effectiveness - Perform quantitative risk analysis - Plan risk responses - Implement risk responses |
| 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) |
| Risk Monitoring and Reporting | 19-20% | - Report risk management performance - Capture lessons learned regarding risks - Review risk audit results - Track risk metrics and triggers - Update risk register and documentation - Evaluate risk response execution - Monitor identified and emerging risks |
>> PMI-RMP Detail Explanation <<
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NEW QUESTION # 54
Thomas is a key stakeholder in your project. Thomas has requested several changes to the project scope for the project you are managing. Upon review of the proposed changes, you have discovered that these new requirements are laden with risks and you recommend to the change control board that the changes be excluded from the project scope. The change control board
agrees with you. What component of the change control system communicates the approval or denial of a proposed change request?
Answer: D
NEW QUESTION # 55
A software company is preparing to begin a new system-development project. The project manager informs the risk manager that very little information is known about the competitive landscape for the new system.
What should the risk manager do to address this knowledge gap?
Answer: C
Explanation:
A SWOT analysis is a structured technique for examining internal strengths and weaknesses together with external opportunities and threats. Using industry and competitive data directly addresses the stated knowledge gap and can reveal market-entry, differentiation, pricing, technology, adoption, intellectual- property, and competitor-response risks.
The results can then be converted into clear risk statements and added to the risk register for further analysis.
A task force could help collect information, but the SWOT option provides the more directly relevant and structured risk-identification method.
Creating an empty or progressively populated register does not itself produce the missing competitive insight.
Developing a go-to-market plan may be useful later, but sponsor feedback alone is unlikely to provide objective competitive intelligence.
Therefore, a data-informed SWOT analysis is the best answer.
Why the other options are not the best answers:
A). A task force is a staffing choice, not the strongest specified analytical technique.
B). A register records identified risks but does not fill the knowledge gap.
C). A go-to-market plan is broader than risk identification and may rely too heavily on one viewpoint.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.2, Identify Risks.
PMI, Practice Standard for Project Risk Management, guidance on SWOT and environmental analysis.
PMI, PMBOK Guide-Seventh Edition, Uncertainty performance domain.
NEW QUESTION # 56
When selecting strategies as an activity of Plan Risk Response, what is the overall goal?
Answer: B
Explanation:
The overall goal of selecting strategies during the Plan Risk Response activity is to choose those strategies that have the greatest overall positive influence on the project, considering factors such as cost, schedule, and resources.
According to the PMI Risk Management Professional (PMI-RMP)Examination Content Outline1, one of the tasks in the domain of Risk Response is to select risk response strategies based on the risk appetite and tolerance of the organization and stakeholders1. The overall goal of selecting risk response strategies is to select the strategies with the greatest overall positive influence on the project objectives, such as scope, schedule, cost, quality, etc. The risk response strategies should aim to enhance the opportunities and reduce the threats to the project, while considering the cost-benefit analysis, the feasibility, and the alignment with the project goals and stakeholder expectations2. The risk response strategies should not be selected based on the least overall impact to resources, because that may not be the most effective or efficient way to address the risks, and it may ignore the potential benefits of some strategies that may require more resources but also deliver more value3. The risk response strategies should not be selected based on the least financial impact, because that may not be the most relevant or comprehensive criterion to evaluate the risks, and it may overlook other aspects of the project, such as quality, customer satisfaction, reputation, etc. that may also be affected by the risks4. The risk response strategies should not be selected based on the greatest benefit to stakeholders, because that may not be the most realistic or achievable goal, and it may create conflicts or trade-offs among different stakeholder groups that may have different or competing interests, needs, and expectations5. References: 1: PMI Risk Management Professional (PMI-RMP)Examination Content Outline, page 102: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4403: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4414: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4425: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 518.
NEW QUESTION # 57
A risk facilitator is creating an outline for the risk management plan. To ensure alignment with the project's objectives, and to develop and recommend the project's risk strategy, what should be referenced to create this?
Answer: B
NEW QUESTION # 58
You are the project manager of the GHY Project for your company. You have completed the risk response planning with your project team. You now need to update the WBS. Why would the project manager need to update the WBS after the risk response planning process? Choose the best answer.
Answer: B
NEW QUESTION # 59
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