RMP - 2. STRATEGY & PLANNING

You are a project manager for a construction project. You and your team members are conducting initial risk planning. Which of the following other risks-related tasks should you perform?

• Scoring these risks utilizing the risk matrix.
• Prioritizing the risks in the risk register.
• Identify the risk threshold.
• Numerically analyzing the effect of identified risks.

What should be used to determine how often a project's risk register should be updated or reviewed in a given year when the project is in an industry with a very high business rhythm?

• The program management plan.
• The risk management plan.
• The risk prioritization criteria.
• The risk triggers.

Which of the following items should be included in the risk management plan?

• Templates, risk management techniques and milestone list.
• Methodology, stakeholder risk appetite and thresholds and risk management techniques.
• Methodology, scope baseline and risk management techniques.
• Risk categories, risk management plan and probability and impact matrix.

A project manager is hired as a consultant by the executive sponsor to manage a major change program that has experienced two past failures. The current executive sponsor believes the project is in good shape based on feedback from the last project manager and report this to senior executive management. The executive sponsor believes there were no major risks threatening the time, budget or quality of the project. In the first week of risk analysis, the project manager concludes the project timeline is unrealistic and is three months behind schedule. The organization's risk appetite is low. What is the first step that should be taken?

• Immediately call a steering committee meeting, report the project status and suggest project scope reductions to save time.
• Update existing risk response plans and include more resources to get the project back on track.
• Review the project schedule and recommend fast tracking the schedule and/or crashing the key path.
• Discuss the project's schedule with the executive sponsor and agree on a strategy for updating the risk management plan and risk response plan.

What are the supporting elements for an effective risk management plan?

• Competent people, supportive organizations, simple scalable process and tools and techniques.
• Trained core people, weak organization, procedures and tools and techniques.
• Competent people, collaborative organization, strict process and tools and techniques.
• Competent people, functional organization, policy and tools and techniques.

You are completing the qualitative risk analysis process with your project team and are relying on the risk management plan to help you determine the budget, schedule for risk management and risk categories. You discover that the risk categories have not been created. When should the risk categories have been created?

• Risk identification process.
• Define scope process.
• Plan risk management process.
• Plan risk response process.

What are the key success factors for the plan risk management process?

• Mitigate all risks, acceptance by the stakeholders, alignment with the internal and external constraints and priorities.
• Contingency reserves, acceptance by the stakeholders, alignment with the internal and external constraints and priorities.
• Acceptance by the stakeholders, alignment with the internal and external constraints and priorities, and balance between cost of effort and benefit.
• Continuous monitoring of risk trigger conditions, involve stakeholders and follow steering committee regulations and practices.

During a status meeting, a functional manager complains that the server backup failed, impacting the department. This was a known risk documented in the risk register as an accepted risk. After reviewing the meeting minutes, it is determined that the functional manager had not participated in the risk planning phase. Which of the identification methods should have been applied?

• Stakeholder analysis.
• Quantitative analysis.
• Sensitivity analysis.
• Qualitative analysis.

A project manager has just been assigned to a new project. The project manager has been asked by the project sponsor to ensure the project risks are closely managed. The project manager starts with developing the risk management plan. What is the expected outcome of developing the risk management plan?

• Having the ability to identify risks throughout the project.
• Documenting the communication strategy for risks throughout the project.
• Defining how risk management will be executed throughout the project.
• Being able to monitor and control risks throughout the project.

A project manager has been assigned to a project that is just starting. The organization is a very low-risk appetite towards this project due to constraints on budget and schedule. The project stakeholders are very engaged on the project and want to ensure that there is clear visibility on the project risks and progress. How should the project manager handle stakeholder expectations?

• Develop a communication plan to share updates on risks.
• Discuss the risk response strategies with the stakeholders.
• Ensure the risk register includes all identified risks.
• Add buffers to the schedule to accommodate risk.