You are the project manager of the NJJ project. Your enterprise environmental factors require that you establish certain risk management rules regarding low risks within your project. What is the best policy for risks with low probability and low impact in the project management?
Correct Answer: C
Question 2
A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations. The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear. What should the risk manager advise the project manager?
Correct Answer: C
In this situation, the departure of a key project resource was an anticipated risk, and a transition plan was established as a response. However, implementing this plan has introduced new risks, known as secondary risks, which may impact the completion dates of other project-related tasks. According to PMI's risk management framework, it's essential to address these secondary risks in alignment with the predefined risk management plan. This involves assessing the new risks' probabilities and impacts, determining appropriate response strategies, and updating the risk register accordingly. By systematically managing secondary risks as outlined in the risk management plan, the project manager can mitigate potential adverse effects on the project's schedule and objectives. PMI Risk Management Study Guide References: The PMI-RMP Exam Preparation Study Guide highlights the necessity of managing secondary risks, stating that "secondary risks should be identified, analyzed, and planned for in the same manner as primary risks, ensuring that all potential threats to project objectives are adequately addressed."
Question 3
The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project. What should the project manager do?
Correct Answer: D
The project manager should discuss the identified risks with the project team to ensure that everyone is aware of the potential risks and can provide input on the likelihood and impact of each risk. This collaborative approach will help in developing a comprehensive risk management plan. The project manager should discuss and evaluate the identified risks with the project team, as this is part of the risk identification process. The project manager can use their experience from previous projects to identify potential risks that may occur again on the new project, but they should also involve the project team to obtain their input and perspectives. The project team can help the project manager to validate, refine, and prioritize the identified risks, as well as to suggest possible risk responses. The project manager should document the identified risks and their characteristics in the risk register, which is a tool for risk management. The other options are not appropriate actions for the project manager to take. Implementing the risk response strategies into the risk plan is premature, as the project manager should first analyze and evaluate the risks before deciding on the best response strategies. Informing the sponsor that these risks should be added according to experience is not sufficient, as the project manager should also consult the project team and other stakeholders to ensure that all relevant risks are identified and assessed. Adding the risks to the risk register and determining a contingency is part of the risk analysis and response planning processes, which come after the risk identification process. The project manager should first discuss and evaluate the identified risks with the project team before moving to the next steps of risk management. References: 2, 3, [5]
Question 4
The risk manager wants to determine what is to be measured, how it is to be measured, and what project outcomes are to be measured. In which of the following processes should this be established?
Correct Answer: C
Question 5
In what portion of a project are risk and opportunities greatest and require intense planning and anticipation of risk events?