At the completion of a small project, the risk manager performs a risk audit and finds that several identified risks had occurred, and the impact was significantly larger than expected. While the project remained on schedule, the project budget increased by 50%. The project met all risk response milestones and no additional, previously unidentified risks, occurred on the project.
Based on this information, what risk management process improvement should the risk manager recommend for future similar projects?
A. Increase frequency of risk management meetings with the project manager.
B. Revise the level of accuracy of probability and impact scores.
C. Document the risk audit report and capture it in the lessons learned database.
D. Expand the use of risk identification techniques.
A risk manager schedules a project overview meeting with the project sponsor to provide an update on risk management progress. Each functional lead is identifying the most critical information to be presented at an executive level. The information must balance communicating essential information with actions and recommendations.
What risk information should be communicated to the project sponsor?
A. Significant risks and issues and their planned responses
B. Risk matrix showing the distribution of high, medium, and low risks
C. Results of the last project risk brainstorming session
D. Summary feedback from the previous risk audit
During a project review meeting, an executive scrutinizes the risk section, including risks on the watch list, and demands action to close them out. What is the executive's risk attitude?
A. Averse
B. Seeking
C. Neutral
D. Tolerant
A project manager is developing the risk management process and schedules a risk planning workshop at the start of the project. Upon receiving the invitation, a senior stakeholder emails the project manager stating that a risk management plan is not needed since this is small project, and lack of a plan will reduce costs.
Which of the following should the project manager do?
A. Advise the stakeholder that risk management is a valuable undertaking and must be applied to all projects to some degree.
B. Cancel the workshop as the stakeholder is senior and risk management is an optional process, especially on smaller projects.
C. Continue with the workshop, but remove the stakeholder from the list of attendees.
D. Review the scope in an attempt to save money in other areas of the project to provide funding for the risk management activities
You are the project manager of QSL project for your organization. You are working with your project team and several key stakeholders to create a diagram that shows how various elements of a system interrelate and the mechanism of causation within the system. What diagramming technique are you using as a part of the risk identification process?
A. Predecessor and successor diagramming
B. System or process flowcharts
C. Cause and effect diagrams
D. Influence diagrams
You are the project manager of the GHY project for your company. This project has a budget of $543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?
A. Executing
B. Planning
C. Monitoring and Controlling
D. In any process group where the risk event resides
Bill is the project manager for a project that will last six months and has a budget of $580,000. In this project a high-risk has been identified with the new materials the project will be using. Bill would like to assign one person, Beth, to be responsible to monitor this risk. Bill assigns Beth the authority to respond to the risk event if it appears in the risk events that is likely to happen. In addition, Bill hires a consultant to work with Beth on this area of the project. In this instance, who is the risk response owner?
A. Bill, because he is the project manager
B. Beth, because she has the authority to respond to the risk event
C. Beth and the consultant are the risk owners
D. The consultant working with Beth, because this is transference
Thomas is a key stakeholder in your project. Thomas has requested several changes to the project scope for the project you are managing. Upon review of the proposed changes, you have discovered that these new requirements are laden with risks and you recommend to the change control board that the changes be excluded from the project scope. The change control board agrees with you. What component of the change control system communicates the approval or denial of a proposed change request?
A. Configuration management system
B. Scope change control system
C. Integrated change control
D. Change log
Nancy is the project manager of a project with 78 stakeholders. This is a high-profile project and she needs to express to her project team and to the management the importance of communication in this project. She would like to show the number of stakeholder communication channels in the project. Based on this information how many communication channels exist within this project?
A. 156
B. 3,003
C. 78
D. 6,084
Fred is the project manager of the PKL project. He is working with his project team to complete the quantitative risk analysis process as a part of risk management planning. Fred understands that once the quantitative risk analysis process is complete, the process will need to be completed again in at least two other times in the project. When will the quantitative risk analysis process need to be repeated?
A. Quantitative risk analysis process will be completed again after the cost management planning and as a part of monitoring and controlling.
B. Quantitative risk analysis process will be completed again after new risks are identified and as part of monitoring and controlling.
C. Quantitative risk analysis process will be completed again after the risk response planning and as a part of monitoring and controlling.
D. Quantitative risk analysis process will be completed again after the plan risk response planning and as part of procurement.
Nowadays, the certification exams become more and more important and required by more and more enterprises when applying for a job. But how to prepare for the exam effectively? How to prepare for the exam in a short time with less efforts? How to get a ideal result and how to find the most reliable resources? Here on Vcedump.com, you will find all the answers. Vcedump.com provide not only PMI exam questions, answers and explanations but also complete assistance on your exam preparation and certification application. If you are confused on your PMI-RMP exam preparations and PMI certification application, do not hesitate to visit our Vcedump.com to find your solutions here.