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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Strategy and Planning | 19-20% | - Integrate risk management into project lifecycle - Establish risk management policies and procedures - Plan risk management activities - Define risk thresholds and metrics - Develop risk management strategy |
| Topic 2: Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Manage contingency reserves - Perform qualitative risk analysis - Identify risks using various techniques - Implement risk responses - Plan risk responses - Perform quantitative risk analysis |
| Topic 3: 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) |
| Topic 4: Stakeholder Engagement | 19-20% | - Collaborate with cross-functional teams - Facilitate risk workshops and meetings - Manage stakeholder expectations regarding risks - Negotiate risk ownership and accountability - Promote risk awareness and understanding - Build consensus on risk response strategies - Involve stakeholders in risk management process - Identify stakeholders and their risk tolerance - Communicate risk information effectively |
| Topic 5: Risk Monitoring and Reporting | 19-20% | - Evaluate risk response execution - Update risk register and documentation - Review risk audit results - Capture lessons learned regarding risks - Track risk metrics and triggers - Monitor identified and emerging risks - Report risk management performance |
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NEW QUESTION # 98
Jeff, a key stakeholder in your project, wants to know how the risk exposure for the risk events is calculated during quantitative risk analysis. He is worried about the risk exposure which is too low for the events surrounding his project requirements. How is the risk exposure calculated?
Answer: A
NEW QUESTION # 99
A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.
What should the project team do next?
Answer: D
Explanation:
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all the subsidiary plans and baselines from the project management processes1. The project management plan should be updated whenever there are changes in theproject scope, schedule, cost, quality, resources, communications, risks, procurements, or stakeholder engagement2. In this case, the project team has decided to log the opportunities in the current project's risk register, which is a component of the project management plan. Opportunities are positive risks that may have a beneficial effect on the project objectives, such as cost savings, schedule acceleration, or quality improvement3. Therefore, the project team should update the project management plan to ensure the results of the opportunities are captured and reflected in the relevant subsidiary plans and baselines. For example, if an opportunity leads to a cost saving, the project team should update the cost management plan and the cost baseline accordingly.
References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 89 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 123 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 397
NEW QUESTION # 100
A project manager is running a high-cost telecommunications project. There is a monthly status meeting, and the risk manager should provide an update to the project team and project sponsors on major risks.
What risk related information should be included in the monthly status meeting of this complex project?
Answer: A
NEW QUESTION # 101
A risk manager is implementing a risk-response plan for a manufacturing project. The plan includes adding another supplier to reduce supply-chain disruption risks. Despite this measure, both suppliers frequently experience logistics disruptions because of increased traffic conditions.
What should the risk manager do?
Answer: B
Explanation:
The logistics disruption is no longer merely an uncertain future event. The scenario states that both suppliers are frequently experiencing disruptions. Therefore, the risk has materialized and should be treated as a current issue.
When an identified or previously unplanned risk occurs, the project team should:
* Record the condition in the issue log.
* Assess its immediate effect on project objectives.
* Assign an issue owner.
* Develop and implement corrective action.
* Create a workaround when no suitable planned response exists.
* Update the risk register and risk report.
* Determine whether residual or secondary risks remain.
* Escalate the matter if it exceeds project authority or thresholds.
A workaround is an unplanned response developed to manage a threat that has occurred when the existing response is inadequate or no suitable contingency response is available.
Option A is not the best answer because a residual risk is the exposure that remains after a response has been implemented. Although the traffic exposure may represent residual risk, the repeated disruptions have already occurred and now require issue management and corrective action.
Option C is incorrect because management reserves should not automatically be used. Reserve use requires proper authorization and should be based on the organization's governance procedures and the nature of the unknown or emergent work.
Option D is incorrect because acceptance is a deliberate risk-response strategy selected after analysis. The risk manager should not passively accept an active disruption that is affecting project delivery.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.6, Implement Risk Responses.
PMI, PMBOK Guide-Sixth Edition, Section 11.7, Monitor Risks.
PMI, Practice Standard for Project Risk Management, guidance concerning materialized risks, issues, residual risks, and workarounds.
NEW QUESTION # 102
A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.
What will be the main output of this meeting?
Answer: D
Explanation:
The main output of the stakeholder meeting in the initiation phase is to identify threats and opportunities that may impact the project in a positive or negative way. This information will be used to develop the risk management plan.
The meeting that the project stakeholders are invited to in the initiation phase is part of the Identify Risks process. The purpose of this process is to identify the risks that may affect the project objectives in a positive or negative way, and to document their characteristics. The main output of this process is the risk register, which is a document that contains the list of identified risks, their causes, potential responses, and other relevant information. The risk register is an essential input for the subsequent risk management processes, such as Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, and Monitor Risks. Therefore, the correct answer is B. Identifying threats and opportunities. Reference: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 79-80, 86-87.
NEW QUESTION # 103
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