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| Section | Weight | Objectives |
|---|---|---|
| Risk Identification | 23% | - Apply identification techniques - Capture opportunities as well as threats - Document risks and characteristics - Identify internal and external risks - Update risk register |
| Risk Response Planning | 13% | - Integrate responses into project plan - Select appropriate response actions - Assign owners and responsibilities - Develop response strategies for threats and opportunities |
| Risk Monitoring and Reporting | 19% | - Communicate risk status to stakeholders - Update risk register and documents - Monitor identified risks and triggers - Capture lessons learned - Track effectiveness of responses - Identify new and emerging risks |
| Risk Strategy and Planning | 22% | - Align risk management with organizational and project objectives - Create risk management plan - Define risk appetite, threshold, and tolerance - Develop risk management strategy - Integrate risk management into project lifecycle |
| Risk Analysis | 23% | - Assess probability and impact - Perform quantitative risk analysis - Prioritize risks - Perform qualitative risk analysis - Use simulation and modeling techniques |
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NEW QUESTION # 231
A financial-services company runs several digital projects that rely heavily on complex metrics for data- accuracy improvements, processing time, and system uptime. Risks identified within the projects must be addressed so that the prescribed metrics are achieved.
What should the risk manager prioritize during risk-response planning?
Answer: B
Explanation:
Risk-response planning should establish who owns each risk and what strategy and actions will be used to keep exposure within the required performance levels. Because the organization has prescribed metrics, responses should be explicitly linked to those measures and their thresholds.
The owner should have the authority, competence, and accountability to monitor the risk and coordinate the response. The response should specify expected effects on data accuracy, processing time, uptime, cost, and schedule, along with triggers and escalation conditions.
Selecting owners merely because they are available may result in weak accountability or insufficient expertise. Assigning primary and secondary resources may improve continuity, but it does not define the response itself. Governance for monitoring is important, yet it follows from and supports the response plan rather than replacing ownership and strategy.
Therefore, the risk manager should prioritize aligned ownership and response strategies.
Why the other options are not the best answers:
A). Availability alone is not a sound basis for ownership.
B). Backup ownership does not define how the risk will be treated.
C). Monitoring governance is important but is not a substitute for response ownership and strategy.
References:
PMI, PMBOK Guide-Sixth Edition, Section 11.5, Plan Risk Responses.
PMI, Practice Standard for Project Risk Management, guidance on risk ownership and response effectiveness.
PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, guidance on alignment with objectives and measures.
NEW QUESTION # 232
After completing the sprint on an agile project, a team updates the risk burndown chart and notices that risk exposure has increased to levels that could negatively affect project completion. What should the risk manager do to return the project's risk exposure to an acceptable level?
Answer: D
Explanation:
In agile projects, the risk burndown chart is used to monitor the reduction of project risk over time. If risk exposure is found to be increasing, it is essential to act immediately by selecting and implementing risk mitigation actions that can reduce exposure in upcoming iterations. The PMI "Agile Practice Guide" and the PMBOK Guide state:
"In agile projects, risks are identified and managed continuously. When risk exposure is high, mitigation actions (often called 'risk mitigation stories') should be prioritized in the next iteration or sprint to bring exposure back to acceptable levels."
- Agile Practice Guide, PMI, Section 5.7 (Responding to Risks in Agile Projects)
"Project teams may develop risk response actions as work items and prioritize these for execution in the backlog, particularly in iterative and incremental environments."
- PMBOK Guide, 6th Edition, Section 11.6.2.3
Therefore, prioritizing risk mitigation stories for the next sprint (Option C) is the most effective and officially recommended response.
References:
PMI Agile Practice Guide, Section 5.7
PMBOK Guide, 6th Edition, Section 11.6.2.3
NEW QUESTION # 233
Beth is the project manager of the BFG Project for her company. In this project Beth has decided to create a contingency response based on the performance of the project schedule. If the project schedule variance is greater than $10,000 the contingency plan will be implemented. What is the formula for the schedule variance?
Answer: D
NEW QUESTION # 234
You are working with the project stakeholders to analyze and prioritize their requirements for the project. One of the project requirements is to achieve a high-level of customer satisfaction for the project deliverable. What is the danger in this project requirement?
Answer: C
NEW QUESTION # 235
Nancy is the project manager of a project with 78 stakeholders. This is a high-profile project and she needs to express to her project team and to the management the importance of communication in this project. She would like to show the number of stakeholder communication channels in the project. Based on this information how many communication channels exist within this project?
Answer: A
NEW QUESTION # 236
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