A risk manager completed risk response planning for a project that is currently in the execution phase. During a periodic review of the risk register, the project manager recognizes that some key secondary risks have not been considered. Who should the project manager hold accountable for missing the risks?
Correct Answer: B
The risk manager is responsible for ensuring that all risks, including secondary risks, are identified and addressed during the risk response planning process. If key secondary risks were missed, the risk manager should be held accountable. (Reference: Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, Section 11.5) The risk manager is responsible for identifying and analyzing risks, as well as planning and implementing risk responses. Secondary risks are those risks that arise as a direct result of implementing a risk response to a specific risk. The risk manager should have considered the potential secondary risks during the risk response planning and updated the risk register accordingly. The project manager should hold the risk manager accountable for missing the secondary risks and ensure that they are properly addressed12 1: PMI Risk Management Professional (PMI-RMP)®Handbook, page 10 2: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Seventh Edition, page 11.2.2.1
PMI-RMP Exam Question 72
During a project meeting, the project sponsor asks to close a project risk. The team does not recommend closing the risk because it is expected to be present in the next phase of the project work. How should the risk manager address this concern?
Correct Answer: C
PMI-RMP Exam Question 73
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?
Correct Answer: A
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. PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442; PMI-RMP Exam Content Outline, 2015, page 7.
PMI-RMP Exam Question 74
There is confusion among risk action owners on a project about when and under which conditions they should initiate risk responses. Project team members often need to consult with the risk manager to get this conflict resolved. What should the risk manager do to resolve this recurring situation?
Correct Answer: B
When there is confusion among risk action owners about when to initiate risk responses, it suggests that the risk thresholds and triggers may not be well-defined or understood. Revisiting and clarifying these thresholds and triggers can help ensure that everyone involved understands the specific conditions under which a risk response should be initiated. This will reduce confusion and ensure that risk responses are executed consistently and appropriately. PMI's risk management practices emphasize the importance of clearly defined risk thresholds and triggers to guide the timely and effective implementation of risk responses.
PMI-RMP Exam Question 75
During project planning, a risk is identified for which the risk manager has defined a mitigation strategy. Later during project execution, this risk still leaves substantial residual risk. What should the risk manager do to handle this situation?
Correct Answer: C
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. According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because: * Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities. For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected. * A Monte Carlo schedule risk analysis is a simul-ation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simul- ation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable. * Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simul-ation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation. : PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1 Risk Management Professional (PMI-RMP)®Exam Cert Guide2