Question 131 · 204 in bank
A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described. What is critical for the risk manager to consider when describing the causes?
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Answer: C
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A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described. What is critical for the risk manager to consider when describing the causes?
Answer: C
A company has a project whose objective is to extract gold reserves from Field 1. However, another field closest to the company, Field 2, which has a higher probability of having twice as much gold reserves than Field 1. The risk manager requests the board of Directors to include Field 2 under the scope of the current project by management of change because the project's profitability will increase by 80%. What type of request is the risk manager describing?
Answer: C
Which of the following situational factors has a significant effect on risk attitude?
Answer: B
The correct answer is B: Risk attitude is a disposition toward uncertainty, adopted explicitly or implicitly by individuals and groups, driven by perception, and evidenced by observable behaviour. Risk attitude represents an organization’s approach to assessing and eventually pursuing, retaining, taking, or turning away from risk. Risk attitudes can range from risk averse to risk seeking. The Reference is the Standard for Risk Management in Portfolios, Programs, and Projects, Page#8 The Situational factors of risk attitude :- 1-Level of relevant skills, knowledge, or expertise. 2- Perception of probability or frequency of occurrence. 3- Perception of impact magnitude, either severity of negative threats or size of positive opportunities. 4- Degree of perceived control or choice in the situation, Manageability is a key assessment of risk, and will influence the preferred risk attitude. 5- Closeness of the risk in time. 6- Potential for direct consequences.
Source: Adapted from community discussion — AllPMI
A project has consistently been lagging in cost performance index (CPI) and schedule performance index (SPI) over the past few months. The risk manager realizes that some activities are taking longer than expected and more resources are needed. Which project artifact should the risk manager analyze to mitigate the risk of further project overrun?
Answer: B
A risk manager has been assigned to a new project and learns that stakeholders and project team members are spread across multiple time zones. Furthermore, many project team members have not worked together in the past. These items are identified as potential risks and added to the risk register. How should the risk manager improve collaboration during risk planning?
Answer: A
The risk manager organizes a stakeholder meeting to obtain agreement on project risk response strategies. At the conclusion of this meeting, the risk response strategies should be which of the following?
Answer: D
The correct answer is: D. Timely, cost-effective, agreed-upon, and accepted. The goal of a stakeholder meeting to discuss project risk response strategies is to reach consensus on a course of action that is timely, cost-effective, agreed-upon by all parties, and accepted as the best course of action for addressing the identified risks. It is important for the risk response strategies to be agreed-upon by all stakeholders to ensure that they are effectively implemented and to avoid conflicts or misunderstandings. It is also important for the strategies to be accepted by all stakeholders, as this will help to ensure their commitment to carrying out the agreed-upon actions and achieving the desired risk management outcomes.
Source: Adapted from community discussion — IBANGA007
Upon returning from vacation, the risk manager observes during the project status meeting that several activities being accomplished were not in the original plan. What should the risk manager do first?
Answer: D
The correct answer is D: Review the Change Control Log Since the activities weren’t in the original plan, so these activities are added to the plan by change requests. The best choice is “review the change log” to know the detail of the changes.
Source: Adapted from community discussion — AllPMI
Many customers using the global positioning system (GPS) of several automobile companies are complaining about errors due to a recent update. This update included a major technological change to mitigate emerging risks with software deployment. Upon investigation, the risk manager realized that this issue was identified as a high-risk item during risk analysis, which required secondary risk identification that was never completed. What was missed in the risk management process that led to this incident?
Answer: A
The key element that was missed in the risk management process was the quality assurance of the strategy, which includes ensuring that all aspects of the risk management plan, including secondary risks, were properly identified, monitored, and controlled. If the project had undergone effective quality assurance (such as regular audits or reviews), it might have been caught that secondary risks were not being addressed properly, including the issues arising from the software update.
Source: Adapted from community discussion — Amakancn
A project team will receive a bonus if a project is completed earlier per the contract. However, the cost of early completion will be too high if more resources are added. The risk manager recommends motivating the project team with a slight salary increase instead of contracting more workers for early completion. Which risk response strategy is the risk manager using in this scenario?
Answer: B
In this scenario, the risk manager is enhancing the chances of achieving early completion by providing a motivational incentive (a slight salary increase) to the existing project team instead of increasing the number of resources. The idea is to increase the likelihood of early completion without incurring the high costs of adding more workers, which could negatively impact the project’s cost efficiency. Enhance is a risk response strategy that focuses on increasing the probability or impact of an opportunity. In this case, the opportunity is completing the project earlier and receiving a bonus. The risk manager is enhancing the chances of early completion by motivating the existing team.
Source: Adapted from community discussion — Amakancn
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?
Answer: D
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