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| Section | Weight | Objectives |
|---|---|---|
| Risk Monitoring and Reporting | 19% | - Track effectiveness of responses - Monitor identified risks and triggers - Capture lessons learned - Communicate risk status to stakeholders - Update risk register and documents - Identify new and emerging risks |
| Risk Identification | 23% | - Capture opportunities as well as threats - Document risks and characteristics - Identify internal and external risks - Update risk register - Apply identification techniques |
| Risk Response Planning | 13% | - Assign owners and responsibilities - Select appropriate response actions - Develop response strategies for threats and opportunities - Integrate responses into project plan |
| Risk Analysis | 23% | - Assess probability and impact - Use simulation and modeling techniques - Prioritize risks - Perform quantitative risk analysis - Perform qualitative risk analysis |
| 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 |
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NEW QUESTION # 292
Which of the following are parts of SWOT Analysis? Each correct answer represents a complete solution. Choose all that apply.
Answer: B,C,D,E
NEW QUESTION # 293
A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?
Answer: C
Explanation:
Explanation
The project manager should consider stakeholders' positions and opinions regarding the project's output when engaging stakeholders. This approach helps to address stakeholders' concerns, expectations, and potential objections, and it can lead to better decision-making and more successful project outcomes. It is important for the project manager to maintain open communication with stakeholders and to be responsive to their needs and perspectives.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline, one of the tasks under the domain of stakeholder engagement is to "engage stakeholders by communicating with them to understand their positions and opinions regarding the project's output, and to ensure that their interests are considered in the risk management process" (Task 1.3). This implies that the project manager should consider stakeholders' perspectives and expectations when engaging them, and not ignore, exclude, or impose on them.
Therefore, option D is the correct answer.
Option A is incorrect because not all stakeholders need to be involved in the project's governance, which is the set of policies, processes, and procedures that define how the project is managed and controlled. The project's governance should be determined by the project sponsor and the project management office (PMO), and only include those stakeholders who have authority and responsibility for the project's success.
Option B is incorrect because communicating response strategies to all stakeholders is not a stakeholder engagement activity, but a risk communication activity. The project manager should communicate response strategies to the relevant stakeholders who are assigned to implement or monitor them, and not to all stakeholders indiscriminately.
Option C is incorrect because ignoring any risks beyond stakeholders' tolerance is not a stakeholder engagement activity, but a risk attitude activity. The project manager should identify and assess all risks that may affect the project's objectives, regardless of stakeholders' tolerance levels. The project manager should also consult with stakeholders to determine their risk appetite, threshold, and attitude, and use this information to prioritize and respond to risks accordingly.
References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, pages 5-61
NEW QUESTION # 294
Mary is a project manager in her organization. On her current project she is working with her project team and other key stakeholders to identify the risks within the project. She is currently aiming to create a comprehensive list of project risks so she is using a facilitator to help generate ideas about project risks. What risk identification method is Mary likely using?
Answer: C
NEW QUESTION # 295
A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a
50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.
What should the risk manager do next to find out the correct limit?
Answer: D
Explanation:
The risk manager should review the agreed-upon risk tolerance to determine the correct limit for continuing construction based on the chance of rain. Risk tolerance is the level of risk an organization is willing to accept and should be established during the risk management planning process.
Risk tolerance is the degree of uncertainty that a stakeholder is willing to accept in respect to a negative outcome on a project objective. Risk tolerance can be expressed as a percentage, a range, a value, or a qualitative statement. Risk tolerance should be agreed upon by the project team and the stakeholders at the beginning of the project, and documented in the risk management plan. The risk manager should review the agreed-upon risk tolerance to find out the correct limit for the rain probability that would affect the construction activity. This would help to resolve the conflicting opinions of the stakeholders and ensure that the risk management decisions are aligned with the project objectives and expectations. Reviewing the agreed- upon risk tolerance is the best option among the choices given, as it is the most relevant and reliable source of information for the risk manager. Performing a sensitivity analysis, finding out the stakeholders' risk appetite, or using industry standard risk thresholds are not as effective or appropriate ways of finding out the correct limit, as they do not reflect the specific agreement and context of the project. References: PMI-RMP Certification Handbook1, page 9; PMBOK Guide, pages 414-415.
NEW QUESTION # 296
You are the project manager of the GHY project. In your organization you must follow certain enterprise environmental factors that establish the rules for risk management . One of the policies your project must adhere to requires periodic rapid analysis of risks within the project. These rapid, cost-effective session must be documented and performed monthly. What type of analysis are you required to perform according to your enterprise environmental factors?
Answer: C
NEW QUESTION # 297
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