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NEW QUESTION # 25
The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.
How should the project manager and the risk manager handle this situation?
- A. Meet with the traffic authority staff in charge of the new regulation.
- B. Perform inquiries on the website of the traffic authority weekly.
- C. Send a letter to the traffic authority with the general project information.
- D. Ensure the project complies with the current traffic regulations and laws.
Answer: A
Explanation:
Meeting with the traffic authority staff responsible for the new regulation allows the project manager and risk manager to understand the potential changes and their impact on the project. This will help them proactively address any potential issues and ensure the project complies with the new regulations.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the project manager and the risk manager should handle this situation by meeting with the traffic authority staff in charge of the new regulation. This is because:
* The new traffic regulation is an external risk that could affect the project objectives, such as scope, schedule, cost, quality, and customer satisfaction. External risks are those that arise from outside the project boundaries and are beyond the control of the project team. Examples of external risks include changes in government policies, regulations, laws, market conditions, environmental factors, etc.
* The project manager and the risk manager should proactively engage with the external stakeholders who have the power and influence to create or modify the external risks. By meeting with the traffic authority staff, they can establish a positive relationship, gain insights into the new regulation, and influence its development to align with the project needs. They can also obtain information on the probability and impact of the risk, as well as the potential response strategies.
* The other options are not effective in handling this situation because:
* Ensuring the project complies with the current traffic regulations and laws does not address the risk of the new regulation that could change the project requirements, scope, or deliverables. It also does not help the project team to prepare for the possible changes and mitigate their negative effects.
* Sending a letter to the traffic authority with the general project information does not establish a direct and timely communication channel with the external stakeholder. It also does not provide enough details or feedback to understand the nature and implications of the new regulation.
* Performing inquiries on the website of the traffic authority weekly does not allow the project team to influence the development of the new regulation or obtain reliable and updated information. It also does not enable the project team to build trust and rapport with the external stakeholder.
:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP)®Exam Cert Guide2
NEW QUESTION # 26
During project execution, a project manager invites the stakeholders to a risk review meeting. During this meeting, a vendor highlights that the mitigation plan for a schedule risk has generated an additional risk.
What should the risk manager do first?
- A. Update the new risk in the risk register.
- B. Passively accept the new risk.
- C. Add the new risk to the watch list.
- D. Plan responses for the new risk.
Answer: D
Explanation:
The risk manager should first update the risk register with the new risk identified by the vendor. This will help in keeping track of all the risks associated with the project and facilitate the subsequent planning and management of the risks.
The risk manager should update the new risk in the risk register, which is a project document that records the details of all identified risks, including their description, category, cause, probability, impact, and response strategy. Updating the risk register is the first step to acknowledge the existence of the new risk and to document its characteristics and potential effects on the project objectives. The risk register can then be used as an input for the Plan Risk Responses process, where the risk manager can develop appropriate actions to address the new risk. References: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 397, 441.
NEW QUESTION # 27
A new project is about to start, and the risk manager wants to review some documents that could be relevant for risk identification. Which document will help the risk manager in this process?
- A. Detailed work breakdown structure (WBS)
- B. Lessons learned from previous projects
- C. Actual data from the current project
- D. Baselines approved by the project team
Answer: B
Explanation:
Lessons learned from previous projects are critical for effective risk identification because they provide insights into what risks materialized, how they were managed, and what could have been improved.
According to the PMBOK Guide:
"Lessons learned from previous projects are organizational process assets that should be reviewed during risk identification to avoid repeating past mistakes and to leverage successful risk responses."
- PMBOK Guide, 6th Edition, Section 11.2.2.1 (Organizational Process Assets) These assets enable proactive identification and management of similar risks in the new project.
References:
PMBOK Guide, 6th Edition, Section 11.2.2.1
NEW QUESTION # 28
A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop.
What should the risk manager do next to visually organize the risks?
- A. Assign probability and impact
- B. Perform the analytical hierarchy process
- C. Perform a SWOT analysis
- D. Develop an affinity diagram
Answer: D
Explanation:
An affinity diagram is a tool used to visually organize and group risks or ideas based on their similarities and categories. It helps in structuring the risks for further analysis and discussion. (Reference: PMBOK Guide, 6th Edition, p. 138) According to the PMBOK Guide, an affinity diagram is a tool and technique for the identify risks process that allows large numbers of ideas to be sorted into groups for review and analysis. An affinity diagram can help the risk manager to visually organize the risks identified in the pre-workshop survey by grouping them into categories based on their similarities or common characteristics. This can help the risk manager to facilitate the risk analysis and prioritization in the workshop, as well as to stimulate new patterns of thinking and generate additional risks.
Some of the other options are not relevant or appropriate for the question scenario:
* The analytical hierarchy process is a technique for the plan risk management process that provides a method for comparing and ranking alternatives based on multiple criteria. It is not a tool for visually organizing risks.
* A SWOT analysis is a technique for the identify risks process that examines the project from the perspective of its strengths, weaknesses, opportunities, and threats. It is not a tool for visually organizing risks, but rather for generating them.
* Assigning probability and impact is a technique for the perform qualitative risk analysis process that assesses the likelihood and the potential effect of each individual risk on the project objectives. It is not a tool for visually organizing risks, but rather for evaluating them.
References: PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442; PMI-RMP Exam Content Outline, 2015, page 7.
NEW QUESTION # 29
The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities. How will the risk manager accomplish this?
- A. Monitoring costs with intervention when necessary
- B. Arranging periodic risk: management process audits
- C. Ensuring that the project sponsor is kept well-informed
- D. Communicating the status of risks regularly to stakeholders
Answer: B
Explanation:
The risk manager can ensure the organizational process assets (OPAs) are updated as a result of risk management activities by arranging periodic risk management process audits. These audits help evaluate the effectiveness of risk management processes and identify areas of improvement, leading to updates in the OPAs.
According to the PMBOK Guide, one of the tools and techniques for the monitor risks process is audits. Audits are examinations of the risk management processes to ensure that they are aligned with the project objectives and are following the organizational policies and procedures. Audits can also identify any gaps, inconsistencies, or areas of improvement in the risk management activities. By conducting periodic audits, the risk manager can ensure that the organizational process assets are updated and reflect the current state of the project risk management. Some of the organizational process assets that can be updated as a result of audits are risk management templates, risk categories, risk databases, and lessons learned1 . Reference: PMBOK Guide, 6th edition, pages 456-457, 481-4821; PMI-RMP Exam Content Outline, 2015, page 9
NEW QUESTION # 30
During project planning, a risk is identified for which the risk manager has defined a mitigationstrategy. Later during project execution, this risk still leaves substantial residual risk.
What should the risk manager do to handle this situation?
- A. Activate the contingency plan to handle this risk during execution.
- B. Ask the project sponsor for more budget to deal with this risk.
- C. Revisit this risk in the risk register and redefine the mitigation strategy.
- D. Mark this new risk as an extremely high priority and inform all stakeholders.
Answer: C
Explanation:
Explanation
If a risk still leaves substantial residual risk after implementing the mitigation strategy, the risk manager should revisit the risk register and redefine the mitigation strategy to reduce the residual risk to an acceptable level.
NEW QUESTION # 31
You are the project manager for the NHH project. You are working with your project team to examine the project from four different defined perspectives to increase the breadth of identified risks by including internally generated risks. What risk identification approach are you using in this example?
- A. Root cause analysis
- B. SWOT analysis
- C. Influence diagramming techniques
- D. Assumptions analysis
Answer: B
NEW QUESTION # 32
An organization is executing two projects - Project A and Project B - simultaneously. A previously identified risk will impact the schedule for Project A. While executing the mitigation plan, a number of residual risks are identified that could provide cost savings for Project B.
Which action should the risk manager for Project A take?
- A. Combine the risk registers for Project A and Project B and determine if there are any additional cross- project opportunities to exploit.
- B. Continue executing the planned risk mitigation to avoid any additional schedule impact to Project A.
- C. Consult with Project B's risk manager and determine where synergies might exist between the risk management plans for both projects.
- D. Review the findings in Project A's closure documents and propose a new organizational process for portfolio risk management.
Answer: C
Explanation:
Collaborating with other project risk managers ensures cross-project opportunities and risks are leveraged or mitigated appropriately. The PMBOK Guide encourages this approach:
"When risks or opportunities cross project boundaries, risk managers should consult with other project teams to identify synergies and dependencies."
- PMBOK Guide, 6th Edition, Section 11.1
References:
PMBOK Guide, 6th Edition, Section 11.1
NEW QUESTION # 33
Fred is the project manager of a large project in his organization. Fred needs to begin planning the risk management plan with the project team and key stakeholders. Which plan risk management process tool and technique should Fred use to plan risk management?
- A. Information gathering techniques
- B. Planning meetings and analysis
- C. Variance and trend analysis
- D. Data gathering and representation techniques
Answer: B
NEW QUESTION # 34
Lamont is the project manager of a project that has recently finished the final project deliverables. The project customer has signed off on the project deliverable and Lamont has a few administrative closure activities to complete. In the project, there were several large risks that could have wrecked the project but Lamont and his project team found some creative methods to resolve the risks without affecting the project costs or project end date. What should Lamont do with the risk responses he identified during the project's monitoring and controlling process?
- A. Nothing. The risk responses are included in the project's risk register already.
- B. Include the risk responses in the organization's lessons learned database.
- C. Include the responses in the project management plan.
- D. Include the risk response in the project risk management plan.
Answer: B
NEW QUESTION # 35
The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.
How should this documentation be utilized in the future?
- A. To hold those who created the risk accountable
- B. To ensure information is recorded for lessons learned
- C. To comply with the rules and regulations
- D. To return the remaining amount of the contingency reserve
Answer: B
Explanation:
Explanation
Documenting the results of the risk monitoring and controlling process is important for creating lessons learned. This helps future projects by providing a reference for risk management practices and experiences.
The documentation of the results of monitoring and controlling risks is a valuable source of information for lessons learned. Lessons learned are the documented information that reflects both the positive and negative experiences of a project. They represent the organization's commitment to project management excellence and the project manager's opportunity to learn from the actual experiences of others. By documenting the results of monitoring and controlling risks, the project team can capture the effectiveness of the risk responses, the changes in the risk exposure, the root causes of the risks, the best practices and the lessons learned for future projects. This documentation can help to improve the risk management process, enhance the project performance, and increase the organizational knowledge base. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications1, page 10; A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 406; Lessons learned - PMI.
NEW QUESTION # 36
A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created.
Which risk identification technique should the risk manager use?
- A. Interviews
- B. Delphi technique
- C. Prompt lists
- D. Nominal group technique
Answer: D
Explanation:
The risk identification technique that the risk manager should use is the nominal group technique. This technique involves bringing stakeholders together to brainstorm potential risks and then ranking them based on their importance. This allows for interaction and collaboration among stakeholders, which can help ensure that an exhaustive list of risks is created.
The nominal group technique is a risk identification technique that involves the interaction and collaboration of stakeholders to generate an exhaustive list of risks. It is a structured process that allows each participant to share their ideas independently, then rank and prioritize them as a group. This technique ensures that all opinions are considered and reduces the influence of dominant or biased individuals12
1: PMI Risk Management Professional (PMI-RMP) Handbook, page 10 2: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Seventh Edition, page 11.2.2.1
NEW QUESTION # 37
When considering human factors and risk attitudes relative to the risk process, which approach should be used to influence the risk management process for optimal effects at the individual and group levels?
- A. Agile
- B. Ongoing
- C. Proactive
- D. Reactive
Answer: C
NEW QUESTION # 38
The project manager performed' a variance analysis on the project during the execution phase. The variances were shown as increasing What does this result imply?
- A. The project schedule is lagging behind.
- B. There is no potential for future deviation.
- C. The project is over budget.
- D. The uncertainty and risk are increasing.
Answer: D
Explanation:
Explanation
Increasing variances during the execution phase imply that the uncertainty and risk are increasing, as the project performance is deviating from the planned values.
NEW QUESTION # 39
A project team is leading a software development project. During the project kickoff meeting, the risk manager discovers that a vendor has not finalized the timeline for delivering an essential component. This creates uncertainty in the overall project schedule.
What should the risk manager do to address the risk?
- A. Hold a meeting to assess the risk's impact and create a response plan with alternative timelines.
- B. Focus on internal risks and assume the vendor will resolve the issue independently.
- C. Defer the risk discussion until the vendor finalizes the timeline to prioritize the project's start.
- D. Adjust the overall project schedule based on assumptions about the vendor's timeline.
Answer: A
Explanation:
Best practice in risk management is to immediately assess the impact of identified risks and develop appropriate response plans. The PMBOK Guide confirms:
"When a risk is identified, its impact and likelihood should be assessed as soon as possible, and risk response strategies developed and agreed upon."
- PMBOK Guide, 6th Edition, Section 11.5
This is especially important for critical dependencies such as vendor deliverables.
References:
PMBOK Guide, 6th Edition, Section 11.5
ISO 31000:2018, Section 6.5
NEW QUESTION # 40
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