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NEW QUESTION # 34
A certain risk is identified for a major project, and the risk response is planned. However, the analysis reveals a high probability for a secondary risk which will be tolerated based on the organization's risk thresholds. The secondary risk is subsequently registered. During project execution, the primary risk occurs, the planned action is taken, and the secondary risk emerges What two actions should the risk owner take? (Choose two.)
- A. Implement the secondary risk response and update the project documents.
- B. Set the corresponding trigger conditions to the secondary risk.
- C. Conduct meeting with all stakeholder to agree on post impact solutions.
- D. Update and communicate assessments of the secondary risk's impact.
- E. Engage the project manager to authorize the secondary risk's response.
Answer: A,D
Explanation:
Explanation
The risk owner should implement the secondary risk response, as it is now being tolerated, and update the project documents accordingly. They should also update and communicate the assessments of the secondary risk's impact to ensure everyone is aware of the situation.
According to the PMI-RMP Handbook1, the risk owner is responsible for implementing the risk response plan and monitoring the risk and its secondary risks. Therefore, the risk owner should take the following two actions when the secondary risk emerges:
Implement the secondary risk response and update the project documents. This action is consistent with the risk response strategy of tolerance, which means accepting the risk and its consequences. The risk owner should execute the planned response for the secondary risk, such as contingency plans or fallback plans, and update the relevant project documents, such as the risk register, the risk report, and the lessons learned register, to reflect the current status and impact of the risk.
Update and communicate assessments of the secondary risk's impact. This action is consistent with the risk monitoring and control process, which involves tracking the identified risks, evaluating their impact and probability, and reporting the risk information to the appropriate stakeholders. The risk owner should reassess the secondary risk's impact on the project objectives, such as scope, schedule, cost, and quality, and communicate the results to the project manager and other relevant stakeholders, such as the sponsor, the customer, and the team members.
References:
PMI-RMP Handbook1
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management2
NEW QUESTION # 35
There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?
- A. Risk register
- B. Project management plan
- C. Work Performance Information
- D. Change requests
Answer: D
NEW QUESTION # 36
Ben is the project manager of the YHT Project for his company. Alice, one of his team members, is confused about when project risks will happen in the project. Which one of the following statements is the most accurate about when project risk happens?
- A. Project risk can happen at any moment.
- B. Project risk happens throughout the project execution.
- C. Project risk is uncertain, so no one can predict when the event will happen.
- D. Project risk is always in the future.
Answer: D
NEW QUESTION # 37
The Identify Risk process determines the risks that affect the project and document their characteristics. Why should the project team members be involved in the Identify Risk process?
- A. They are the individuals that will need a sense of ownership and responsibility for the risk events.
- B. They are the individuals that will most likely cause and respond to the risk events.
- C. They are the individuals that are most affected by the risk events.
- D. They are the individuals that will have the best responses for identified risks events within the project.
Answer: A
NEW QUESTION # 38
Rex is the project manager of the BDF Project. This project will last for two years and has a budget of
$2,345,000. Management has instructed Rex that the project must not go over budget as funds are very tight in the organization. During the project planning Rex and the project team discover a positive risk event to save $75,000. Rex wants to make certain that this risk event happens so which risk response method is most appropriate?
- A. Share
- B. Exploit
- C. Mitigation
- D. Enhance
Answer: B
NEW QUESTION # 39
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?
- A. Performing a qualitative analysis
- B. Identifying threats and opportunities
- C. Evaluating the project's impact
- D. Evaluating the project's probability of success
Answer: B
Explanation:
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.
NEW QUESTION # 40
A regional vendor for custom manufactured steel oil derricks, is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to property install the deep water structure. There are several schedule and cost incentives for early completion, and the project manager asks the project risk coordinator to perform an analysis, which will predict the probability of meeting the incentive dates. While researching methods that could be used for performing this analysis, the risk manager realizes that there are readily available spreadsheets within the organization. The risk manager is considering performing a Method of Moments (PERT) analysis with software already owned, or the other option is to buy a commercial risk analysis software suite that will perform Latin Hypercube Monte Carlo simulations at a cost of US$975.
What would be the best analytical option for this probability assessment?
- A. Because a schedule risk assessment involves multiplication and division of schedule durations against specific risk events, a spreadsheet and using a Method of Moments analysis is the best option.
- B. Since a schedule risk assessment involves multiplication and division of schedule durations against specific risk events, the Monte Carlo simulation software is the best option.
- C. Schedule based Method of Moments analysis is a time proven, highly accurate method for schedule risk and is not impacted by Monte Carlo simulation's limitation of summation modeling where only addition and subtraction of uncertain values are used.
- D. The commercial product that performs the Monte Carlo simulations is the best option, because a schedule risk assessment involves summation of uncertainties added or subtracted from or to schedule dates.
Answer: D
NEW QUESTION # 41
Which of the following success factors will enhance the Perform Qualitative Risk Analysis process as the risk occurrence gets closer?
- A. Agreed-upon approach
- B. Agreed-upon definition
- C. Iterative analysis
- D. High quality information
Answer: B
NEW QUESTION # 42
You are working with your project stakeholders to identify risks within the JKP Project. You want to use an approach to engage the stakeholders to increase the breadth of the identified risks by including internally generated risk. Which risk identification approach is most suited for this goal?
- A. Assumptions analysis
- B. Brainstorming
- C. Delphi Technique
- D. SWOT analysis
Answer: D
NEW QUESTION # 43
You are the project manager of a new project in your organization. You and the project team have identified the project risks, completed risk analysis, and are planning the most appropriate risk responses. Which of the following tools is most effective to choose the most appropriate risk response?
- A. Cause-and-effect diagrams
- B. Delphi Technique
- C. Decision tree analysis
- D. Project network diagrams
Answer: C
NEW QUESTION # 44
You are the project manager of the NHH project for your company. You and the project team have completed the quantitative risk analysis for your project. During this process you create a contingency reserve based on the risk probability-impact matrix as seen in the figure below.
Based on the information in the figure above, what amount would you need to include in your risk contingency fund?
- A. -$465,000
- B. $258,500
- C. $171,500
- D. -$258,500
Answer: B
NEW QUESTION # 45
The project managers implementing a computer interface to facilitate communications between to ticketing systems for two major companies in the IT industry. During the Plan Risk Response process, the project team agrees on the contingency plan that should mitigate the negative impact of the risk. However, during the project execution, one of the subject matter experts identifies a residual risk that was not taken into consideration during the risk response planning session, but could potentially affect the project schedule baseline.
What should the risk manager do to handle this residual risk?
- A. Analyze this risk and update the risk register.
- B. Increase the management reserve.
- C. Accept the risk, since it is minor.
- D. Reject the risk, since the risk plan will take care of all the risks.
Answer: A
NEW QUESTION # 46
Kelly is the project manager of the NNQ Project for her company. This project will last for one year and has a budget of $350,000. Kelly is working with her project team and subject matter experts to begin the risk response planning process. When the project manager begins the plan risk response process, what two inputs will she need?
- A. Risk register and the risk response plan
- B. Risk register and the results of risk analysis
- C. Risk register and the risk management plan
- D. Risk register and power to assign risk responses
Answer: C
NEW QUESTION # 47
What are the supporting elements for effective risk management?
- A. Competent people, supportive organization, simple scalable process, and tools and techniques
- B. Trained core people, matrix organization, simple scalable process, and tools and techniques
- C. Competent people, collaborative organization, rigorous process, and tools and techniques
- D. Competent people, functional organization, policy, and tools and techniques
Answer: A
NEW QUESTION # 48
Which of the following situational factors has a significant effect on risk attitude?
- A. The risk heuristics evaluation available to the project team during planning and execution
- B. The number of project team members with close relationships to the chief executive officer (CEO)
- C. The number of external stakeholders and the potential for indirect consequences
- D. The perception of probability or frequency of occurrence and the perception of impact magnitude
Answer: D
NEW QUESTION # 49
Which risk response is acceptable for both positive and negative risk events?
- A. Acceptance
- B. Transferring
- C. Sharing
- D. Enhancing
Answer: A
Explanation:
Explanation/Reference:
NEW QUESTION # 50
Sensitivity analysis is a technique for systematically changing parameters in a model to determine the effects of such changes and is useful for computer modelers for a range of purposes. Which of the following purposes does the sensitivity analysis include? Each correct answer represents a complete solution. Choose all that apply.
- A. Estimating the average outcome
- B. Decision making or the development of recommendations for decision makers
- C. Model development
- D. Increased understanding or quantification of the system
Answer: B,C,D
NEW QUESTION # 51
You are the project manager for the TTR project. You are in the process of gathering information for risk identification. You ask experts to participate in the process through their emails for maintaining anonymity. You collect the responses, summarize them, and are then re-circulated to the experts for further comment. Which of the following techniques are you using for risk identification?
- A. Delphi
- B. SWOT analysis
- C. Brainstorming
- D. Expert judgment
Answer: A
NEW QUESTION # 52
A risk has been identified in a multi-functional project. The project manager decides to take no action.
What type of response is this considered?
- A. Exploitation
- B. Avoidance
- C. Acceptance
- D. Procrastination
Answer: C
NEW QUESTION # 53
Melody is the project manager for her organization. She has created a risk response to conduct more tests on the software her project is creating. The identified risk that prompted this response was that the software is mission-critical and must be flawless before it can be put into product. What type of a risk response has Melody used in this scenario?
- A. Transference
- B. Avoidance
- C. Mitigation
- D. Enhance
Answer: C
NEW QUESTION # 54
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