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| Section | Weight | Objectives |
|---|---|---|
| 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 - Track risk metrics and triggers - Evaluate risk response execution - Review risk audit results - Capture lessons learned regarding risks - Monitor identified and emerging risks - Update risk register and documentation |
| Risk Strategy and Planning | 19-20% | - Integrate risk management into project lifecycle - Plan risk management activities - Establish risk management policies and procedures - Define risk thresholds and metrics - Develop risk management strategy |
| Stakeholder Engagement | 19-20% | - Manage stakeholder expectations regarding risks - Facilitate risk workshops and meetings - Promote risk awareness and understanding - Communicate risk information effectively - Negotiate risk ownership and accountability - Identify stakeholders and their risk tolerance - Collaborate with cross-functional teams - Build consensus on risk response strategies - Involve stakeholders in risk management process |
| Risk Process Facilitation | 25-28% | - Evaluate risk response effectiveness - Implement risk responses - Plan risk responses - Manage contingency reserves - Perform quantitative risk analysis - Perform qualitative risk analysis - Identify risks using various techniques |
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NEW QUESTION # 184
Holly is the project manager of the GHH Project. During risk identification and the subsequent risk analysis process she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?
Answer: B
NEW QUESTION # 185
The project is releasing deliverables in several phases, and a residual risk related to data inconsistencies has begun appearing in scattered test results. The impact is minor, but the risk is occurring more frequently as the project advances through later phases.
What should the risk manager do?
Answer: C
Explanation:
A residual risk is the exposure that remains after a response has been implemented. Although each observed data inconsistency has only a minor impact, the increasing frequency is a trend that may change the overall exposure or indicate that the existing response is losing effectiveness.
The risk manager should review the evidence with the team, reassess probability and aggregate impact, examine root causes, and determine whether monitoring thresholds, controls, or response actions need adjustment. The risk register and risk report should be updated accordingly.
Low individual impact does not justify disregarding a worsening pattern. Recording the occurrences as issues may be appropriate for each defect, but that action alone would not manage the underlying residual risk.
Waiting without analysis is passive and may allow the exposure to accumulate across later releases.
Therefore, a collaborative review and possible response adjustment is the appropriate action.
Why the other options are not the best answers:
A). Increasing frequency can make a low-impact risk material in aggregate.
B). Issue handling does not replace reassessment of the underlying residual risk.
D). Waiting ignores a clear adverse trend.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.7, Monitor Risks.
PMI, Practice Standard for Project Risk Management, guidance on residual risk and trend analysis.
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, guidance on dynamic reassessment.
NEW QUESTION # 186
A two-year project with a budget of US$2 million has completed about 60% of the work at the end of the first year. The actual cost incurred to complete the remaining 40% of work is about USS1.5 million. As a part of performing a specialized risk analysis, the calculated schedule performance index (SPI) is 1.2 and cost performance index (CPI) is 0.53.
How should the risk manager interpret such a low CPI value?
Answer: C
Explanation:
A low CPI value (0.53) indicates that the project is over budget. This may be due to an inaccurate cost baseline, which means the initial budget estimation was not correct. This would not necessarily mean that cost control processes are ineffective, actual reported costs are inaccurate, or cost-related risks are effectively managed.
The CPI value is calculated by dividing the earned value (EV) by the actual cost (AC). A CPI value of less than 1 indicates that the project is over budget, meaning that the actual cost is higher than the planned cost. A low CPI value can have several possible causes, such as poor estimation, scope creep, change requests, or inaccurate reporting. However, in this case, the SPI value is greater than 1, which indicates that the project is ahead of schedule, meaning that the earned value is higher than the planned value. This suggests that the cost baseline, which is derived from the planned value, is inaccurate and does not reflect the true cost of the work. Therefore, the risk manager should interpret such a low CPI value as a sign of an inaccurate cost baseline, and not as a result of ineffective cost control processes, inaccurate actual costs, or effective cost related risk management. References: PMI-RMP Certification Handbook1, page 9; PMBOKGuide, page
267.
NEW QUESTION # 187
Which of the following techniques for planning risk response can provide a means of identifying symptoms for use as trigger conditions for contingency responses?
Answer: D
NEW QUESTION # 188
Joyce is the project manager for her company. Joyce and her project team are working through the quantitative analysis for certain risk events within her project. According to the enterprise environmental factors the project manager is to perform sensitivity analysis on any risk with an impact greater than $5,000 in the project. What is the sensitivity analysis?
Answer: D
NEW QUESTION # 189
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