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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Identification | 23% | - Capture opportunities as well as threats - Apply identification techniques - Document risks and characteristics - Update risk register - Identify internal and external risks |
| Topic 2: Risk Response Planning | 13% | - Assign owners and responsibilities - Integrate responses into project plan - Develop response strategies for threats and opportunities - Select appropriate response actions |
| Topic 3: Risk Strategy and Planning | 22% | - Integrate risk management into project lifecycle - Develop risk management strategy - Align risk management with organizational and project objectives - Create risk management plan - Define risk appetite, threshold, and tolerance |
| Topic 4: Risk Analysis | 23% | - Perform qualitative risk analysis - Assess probability and impact - Use simulation and modeling techniques - Prioritize risks - Perform quantitative risk analysis |
| Topic 5: Risk Monitoring and Reporting | 19% | - Update risk register and documents - Capture lessons learned - Identify new and emerging risks - Track effectiveness of responses - Communicate risk status to stakeholders - Monitor identified risks and triggers |
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NEW QUESTION # 35
The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)
Answer: A,B
Explanation:
Explanation
The work breakdown structure (WBS) will help the risk manager in understanding the project's scope and identifying potential risks at different levels of the project. Monte Carlo analysis is a quantitative risk analysis technique that can be used to assess the impact of identified risks on the project's schedule and cost.
NEW QUESTION # 36
A project is evaluating a new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process.
What should the risk manager do next with the data set?
Answer: D
Explanation:
After gathering cycle time data, the risk manager should perform a risk data quality assessment to ensure the data is accurate, reliable, and relevant for evaluating the current process and the new software.
A risk data quality assessment is a technique to evaluate the degree to which the data about risks is useful and accurate for risk management. It involves examining the reliability, credibility, accuracy, and validity of the data collected. A risk data quality assessment can help the risk manager to determine the confidence level of the risk analysis and the quality of the risk responses. Performing a risk data quality assessment is the next logical step after gathering the cycle time data, as it will help to ensure that the data is suitable for further analysis and decision making. Reference: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications1, page 9; A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 397.
NEW QUESTION # 37
Some project risks are applicable for the project's lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?
Answer: D
Explanation:
Project risks should be closed when the stakeholders agree a risk is no longer applicable. This ensures that risks are actively managed and only relevant risks are considered throughout the project lifecycle.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, project risks are uncertain events or conditions that may have a positive or negative effect on one or more project objectives1.
Project risks can be closed when they are no longer applicable to the project or its activities. The process of closing project risks involves verifying that the risk responses have been completed, documenting the outcomes, and evaluating the effectiveness of the risk management process2. The decision to close a project risk should be made by the stakeholders who are responsible for or affected by the risk, as they are the ones who can determine whether the risk is still relevant or not. Therefore, the correct answer is B. When the stakeholders agree a risk is no longer applicable.
References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 397 2: PMI, Practice Standard for Project Risk Management, 2009, p. 111
NEW QUESTION # 38
Who is the most appropriate person to conduct a risk identification brainstorming session?
Answer: B
NEW QUESTION # 39
You are the project manager of the NHQ Project for your company. You have completed qualitative and quantitative analysis of your identified project risks and you would now like to find an approach to increase project opportunities and to reduce threats within the project. What project management process would best help you?
Answer: A
NEW QUESTION # 40
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