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PMI Risk Management Professional
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Question #428
In what way can the risk manager determine when poor risk planning techniques are influencing the scope, schedule, quality, and/or budget of the project?
Evaluate the results of the Monte Carlo analysis.
Document and periodically update project risk information
Monitor project metrics and performance information.
Update the risk management plan.
How can the project manager rank competing stakeholder priorities for all the identified risks?
Perform qualitative and quantitative risk analysis.
Engage the project sponsor to decide.
Refer to stakeholder analysis prioritization tree.
Perform a review of organizational process assets.
A project team is conducting initial risk planning. What other risk-related task should the project manager perform?
Identifying the risk threshold
Determining the risk register headings
Scoring the risks utilizing the risk matrix
Prioritizing the risks in the risk register
What are the critical success factors for the Plan Risk Management process?
Mitigate all risks, engage stakeholders, and follow organizational policies.
Identify and address barriers, engage stakeholders, and follow organizational policies.
Contingency reserves engage stakeholders and follow organizational policies.
Identify and address barriers, engage stakeholders, and follow government regulations.
A project team's risk facilitator identifies a number of risks and must prioritize them based on the organization's risk appetite levels. Which technique should be used?
PERT
Stakeholder risk profile analysis
Project scope statement analysis
Monte Carlo technique
A risk manager wants to determine which risks are going to have the highest impact on a project. Which of the following techniques should the risk manager use?
Assumptions analysis
Sensitivity analysis
Root cause analysis
Prioritization matrices
The project manager wants risk metrics established for the new project. Which of the following metrics listed is best suited for this purpose?
Effectiveness of the work breakdown structure
Number of approved project change requests
Number of detects identified
Effectiveness of response plans
Which of the following would a proactive risk manager do during the Monitoring and Controlling Process?
Develop risk responses, create risk management plan, and stay alert for risk events.
Update the lessons learned documents, develop risk responses, and create the risk management plan.
Review identified risks, stay alert for risk events, and remind team members to keep the risk manager informed about risk triggers.
Review lessons learned document to identify risks, quantity risks, and lower impact ratings.
A cost analyst team member asks the project manager for the latest risk data for inclusion with the cost estimates for the project. Which tool should the cost analyst team member use to identify the probability of achieving specific cost targets?
Monte Carlo analysis
Decision tree analysis
Analogous estimating
Brainstorming
Most risks are assessed for probability and impact. Which of the following are other factors that should be considered?
Urgency and complexity
Manageability and cost
Urgency and manageability
Manageability and complexity
A pharmaceutical company undertakes a new, year-long research and development (R&D) project. The company pursues high margins on investments and an aggressive growth strategy. They maintain a central program management office (PMO) to assist with new projects and record data on past project performance.
The company leadership regularly makes decisions regarding the full suite of company projects and requires comparative data and reports. Project leadership is well-versed in risk management and the PMO requires full documentation of project management artifacts.
Based on the characteristics of this new project, which of the following best describes the risk strategy for the project?
Low stakeholder risk appetite, leverage historical project planning data, develop standard metrics and reports, and develop a formal risk management plan.
High stakeholder risk appetite; leverage historical project planning data, develop standard metrics and reports, develop a formal risk management plan.
High stakeholder risk appetite; leverage historical project planning data, utilize informal metrics and reports, develop risk management training.
Low stakeholder risk appetite; collect new project data, create custom metrics and reports, and develop a formal risk management plan.
Which of the following should the risk manager consider as external environmental factors when creating the risk management plan?
Government regulations, industry best practice templates, organizational standard processes, and competitor landscape
Government regulations, industry standards, conditions of the marketplace, and competitor landscape
Government regulations, risk categories, organizational standard processes, and competitor landscape
Government regulations, human resource policies and procedures, organizational standard processes, and competitor landscape
A project manager is leading a project review meeting with the risk manager and the other project stakeholders. Which of the following are typical risk-related agenda items for a project review meeting?
Enterprise environmental factors and the risk register
Risks closed in the last period and the risk appetite of the organization
Organizational process assets and the risk register
Risks closed in the last period and the trigger conditions that have occurred
As part of identifying the risk appetite of project stakeholders, the project manager must first identify the stakeholders. Which of the following inputs are used to identify project stakeholders?
Project charter, management reserve, enterprise environmental factors, and organizational process assets
Project management plan, human resource plan, enterprise environmental factors, and organizational process assets
Project charter, bid documents, enterprise environmental factors, and organizational process assets
Project charter, communications management plan, enterprise environmental factors, and organizational process assets
The project manager receives an updated project schedule from a sub team detailing the deliverables, dates, and durations for a critical milestone on the development and testing for offshore activities. This report is received one hour before a meeting with the chief executive officer (CEO) to present an updated master schedule of the critical path. The CEO has been promised a discussion on the project schedule several times. However, based on the recent update from the off-shore team, the project manager realizes this new schedule is not realistic. There are new risks associated with it and it is not well thought out. Some key stakeholders want to present this revised plan to the CEO. This meeting has been postponed twice already.
Which action should the project manager take before meeting with the CEO?
Talk to the stakeholders before the meeting to discuss the options and ask their opinion.
Present the revised master schedule to the CEO with the caveat that its being updated as new information is received, and these are the current dates at this point.
Request the meeting be re-scheduled before presenting the master schedule to the CEO, stating that new major risks were identified and need to be assessed thoroughly.
Present the revised schedule to the CEO and only answer questions about validity, if asked.
Which of the following are examples of relevant data gathering tools?
Risk response plan and interviews
Questionnaires and historical data
Work breakdown structure an historical data
Work breakdown structure and interviews
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