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PMI-RMP certification exam is a rigorous exam that requires a significant amount of preparation. Candidates are required to have at least three years of project risk management experience and 30 hours of formal risk management education. In addition, candidates must pass a 170-question exam within a four-hour time limit. PMI-RMP Exam is computer-based and is available at authorized testing centers around the world.
NEW QUESTION # 252
A critical piece of equipment broke during a project execution phase. The risk manager notices this risk in the risk register, and the response is to rent equipment until the critical piece is repaired.
What type of risk response is this?
Answer: A
Explanation:
Renting equipment until the critical piece is repaired is a "Mitigate" response. Mitigation involves taking actions to reduce the impact or likelihood of a risk event. In this case, renting equipment is a way to reduce the impact of the equipment breakdown on the project's timeline and execution, thereby ensuring that the project can continue with minimal disruption.
PMI's guidelines describe mitigation as a strategy to reduce the severity or probability of a risk, making it a suitable response in this scenario.
NEW QUESTION # 253
A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money, What should the risk manager do?
Answer: A
Explanation:
Explanation
When facing resistance from team members, the risk manager should engage in open communication to address their concerns and clarify the importance of risk management in the project.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the risk manager should handle this situation by meeting with team members to address their concerns. This is because:
Resistance to risk management is a common challenge that can hinder the effectiveness and efficiency of the risk management process. Resistance can stem from various factors, such as lack of awareness, understanding, commitment, trust, or support for risk management; fear of negative consequences or blame; competing priorities or interests; or cultural differences or biases.
Meeting with team members to address their concerns is a proactive and constructive way to overcome resistance and foster a positive risk culture within the project. By meeting with team members, the risk manager can:
Communicate the value and benefits of risk management for the project and the organization, such as improving decision-making, enhancing performance, increasing stakeholder satisfaction, and reducing uncertainty and variability.
Educate and train team members on the risk management principles, processes, tools, and techniques, and how they can be applied to the project context and objectives.
Involve and empower team members in the risk management activities, such as identifying, analyzing, prioritizing, responding, and monitoring risks, and solicit their feedback and suggestions for improvement.
Recognize and reward team members for their contributions and achievements in risk management, and celebrate the successful outcomes and opportunities realized by the project.
The other options are not effective in handling this situation because:
Continuing to implement the risk strategy without addressing the resistance can lead to further conflict, resentment, and distrust among the team members, and undermine the quality and credibility of the risk management process and outputs.
Reducing the number of risk management activities can compromise the project's ability to identify and respond to the risks that may affect its scope, schedule, cost, quality, or other objectives, and expose the project to unnecessary threats or missed opportunities.
Raising the concerns with the project sponsor can escalate the issue and create a negative impression of the team members, and may not resolve the underlying causes of the resistance or improve the team's engagement and commitment to risk management.
References:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP) Exam Cert Guide2
NEW QUESTION # 254
Which types of project tends to have more well-understood risks?
Answer: C
NEW QUESTION # 255
You are the project manager for the NHQ Project. This project requires that you install 140 copies of design software onto your department's computers. The vendor offers you a twenty percent discount on the software if your company will purchase 150 or more copies of the software. You communicate this offer with other departments in your firm to see if anyone else would need 10 copies of the software to save your project a significant amount of funds. What is this risk response called?
Answer: A
NEW QUESTION # 256
The project manager must evaluate two separate contractors for a project with an absolute finish date of 15 December. After performing a Monte Carlo assessment on the submitted schedules, the following information is found:
Which contractor should be chosen, because of having the highest statistical output?
Answer: B
NEW QUESTION # 257
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