RMP - 6. MONITOR & CLOSE RISK

During a risk audit, it was found that some risks were not analyzed correctly. It was suspected that risk-related information was not properly reviewed before concluding characteristics of risks like probability, etc. What could have been done to prevent this issue?

• Effective interviews during the risk identification process.
• Risk probability and impact assessment.
• Risk data quality assessment.
• Analysis of other parameters.

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?

• To comply with the rules and regulations.
• To ensure information is recorded for lessons learned.
• To hold those whose created the risk accountable.
• To return the remaining amount of the contingency reserve.

You are the project manager for your organization. You have determined that an activity is too dangerous to complete internally so you hire a licensed contractor to complete the work. The contractor, however, may not complete the assigned work on time which could cause delays in subsequent work beginning. This is an example what type of risk event?

• Secondary risk.
• Transference.
• Trigger conditions.
• Fallback plans.

Based on this analysis, which two risk areas should the project manager focus on to control project cost?

• Raw Materials cost and cost of install equipment.
• Cost of control room and cost of install equipment.
• Raw materials cost and labor rate increases.
• Cost of temporary facilities and design changes.

When should project risks be closed?

• When the risk has been realized and can no longer happen again.
• When the forecast activity date has been met or exceeded.
• When iterative data analysis determines the risk is not applicable.
• When the stakeholders agree a risk is no longer applicable.

Stakeholder deliverable reviews will start soon and additional work is expected to resolve any issues or required adjustment. Budget overruns during execution have put serious constraints on the remainder of the project's budget. What should the project manager do next?

• Coach stakeholders on risk identification practices.
• Review the consequences of potential changes.
• Conduct a risk reassessment and reserve analysis.
• Request a budget relief using the management reserve.

The risk register is developed during the initial phases of a virtualized desktop deployment. The register is reviewed by peers, responses are planned, reviewed again, and risks are prioritized. After project completion the risk register is reviewed as a part of the formal lessons learned process. During the review, it's realized that the risk register wasn't updated, and many responses were not executed during the deployment. Which of the following options should have been performed during the execution of the project?

• Risk management process.
• Risk monitoring and control process.
• Response planning.
• Risk identification.

What monitor and close risk tool is used to support stakeholder decision-making for the project?

• Interviewing.
• Probability and impact matrix.
• Sensitivity analysis.
• D. Risk probability and impact assessment.

The project risk manager on a large firm-fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?

• Quantify the risk exposure that exceeds project contingency.
• Generate reports to assess and communicate the project risk level.
• Recommend the removal of risks to the project manager to reduce project risk exposure.
• Advise the client that the project has exhausted contingency.

Critical deliverables are delayed because a key subject matter expert doesn't have enough time to allocate the tasks. How could the situation be improved for the future?

• Extend the project schedule-timeline to accommodate availability of the SME.
• Introduce scope reductions to limit the reliance on SMEs.
• Replace the SME with resources, who are responsible for receiving output from the SME on their deliverables.
• Cross train others to reduce the SME workload.