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PMI Risk Management Professional Sample Questions (Q193-Q198):
NEW QUESTION # 193
A project team has completed the risk identification steps in a project and compiled a list of 25 risks. The team wants to create response plans for all the risks to avoid any future issues, but the resources and constraints limit the options.
What should the risk manager do?
Answer: C
NEW QUESTION # 194
A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.
What should the project team do next?
Answer: C
Explanation:
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all the subsidiary plans and baselines from the project management processes1. The project management plan should be updated whenever there are changes in the project scope, schedule, cost, quality, resources, communications, risks, procurements, or stakeholder engagement2. In this case, the project team has decided to log the opportunities in the current project's risk register, which is a component of the project management plan. Opportunities are positive risks that may have a beneficial effect on the project objectives, such as cost savings, schedule acceleration, or quality improvement3. Therefore, the project team should update the project management plan to ensure the results of the opportunities are captured and reflected in the relevant subsidiary plans and baselines. For example, if an opportunity leads to a cost saving, the project team should update the cost management plan and the cost baseline accordingly.
References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOKGuide), Sixth Edition, 2017, p. 89 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOKGuide), Sixth Edition, 2017, p. 123 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 397
NEW QUESTION # 195
A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?
Answer: B
Explanation:
The project manager should consider stakeholders' positions and opinions regarding the project's output when engaging stakeholders. This approach helps to address stakeholders' concerns, expectations, and potential objections, and it can lead to better decision-making and more successful project outcomes. It is important for the project manager to maintain open communication with stakeholders and to be responsive to their needs and perspectives.
According to the PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, one of the tasks under the domain of stakeholder engagement is to "engage stakeholders by communicating with them to understand their positions and opinions regarding the project's output, and to ensure that their interests are considered in the risk management process" (Task 1.3). This implies that the project manager should consider stakeholders' perspectives and expectations when engaging them, and not ignore, exclude, or impose on them.
Therefore, option D is the correct answer.
Option A is incorrect because not all stakeholders need to be involved in the project's governance, which is the set of policies, processes, and procedures that define how the project is managed and controlled. The project's governance should be determined by the project sponsor and the project management office (PMO), and only include those stakeholders who have authority and responsibility for the project's success.
Option B is incorrect because communicating response strategies to all stakeholders is not a stakeholder engagement activity, but a risk communication activity. The project manager should communicate response strategies to the relevant stakeholders who are assigned to implement or monitor them, and not to all stakeholders indiscriminately.
Option C is incorrect because ignoring any risks beyond stakeholders' tolerance is not a stakeholder engagement activity, but a risk attitude activity. The project manager should identify and assess all risks that may affect the project's objectives, regardless of stakeholders' tolerance levels. The project manager should also consult with stakeholders to determine their risk appetite, threshold, and attitude, and use this information to prioritize and respond to risks accordingly.
References: PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, pages 5-61
NEW QUESTION # 196
In the middle of a project to improve internal workflows, the team realizes that some previously identified challenges, such as lack of stakeholder engagement, have diminished. However, the risk manager determines that concerns related to resource availability and regulatory compliance are becoming more significant.
Which measures should the risk manager implement?
Answer: B
Explanation:
Risks are dynamic and their priorities change throughout the project lifecycle. The PMBOK Guide and ISO
31000 emphasize continuous risk monitoring and updating the risk register to reflect changing risk priorities:
"Monitoring risks is an ongoing process... Risks, their status, and their priorities must be reassessed regularly, and the risk register updated accordingly."
- PMBOK Guide, 6th Edition, Section 11.7
"Risk management should be a continual process of risk identification, assessment, and review."
- ISO 31000:2018, Section 6.7
References:
PMBOK Guide, 6th Edition, Section 11.7
ISO 31000:2018, Section 6.7
NEW QUESTION # 197
Which of the following is NOT an objective of a risk audit?
Answer: D
Explanation:
It is not feasible or necessary to quantify every risk. Therefore, a risk audit should never have as an objective to ensure that each project risk has a computed expected value. [Monitoring and Controlling] PMI®, PMBOK® Guide, 2013, 351
NEW QUESTION # 198
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