PMP Certification Training - Plan Risk Responses

The video tutorial covers the process of planning risk responses, including developing options, selecting strategies, and assigning risk owners. It discusses the inputs, tools, and techniques involved, such as expert judgment and interpersonal skills. Strategies for both negative and positive risks are explored, including escalation, avoidance, transfer, mitigation, acceptance, exploitation, sharing, and enhancement. The importance of contingency planning and data analysis techniques like alternative and cost-benefit analysis is highlighted. The tutorial emphasizes updating the risk register and project documents throughout the process.

What is the primary goal of planning risk responses?

• To assign all risks to the project manager

• To develop options and strategies to address project risks

• To ignore low-priority risks

• To eliminate all project risks

Which document is essential for assisting in the planning of risk responses?

• Risk Register

• Project Charter

• Quality Management Plan

• Stakeholder Register

What is the purpose of using expert judgment in risk response planning?

• To transfer risks to third parties

• To avoid all project risks

• To gather specialized knowledge for specific project risks

• To ensure all risks are escalated

Which strategy involves transferring the risk to a third party?

• Mitigation

• Transfer

• Avoidance

• Acceptance

What is the main focus of the enhance strategy for positive risks?

• To decrease the probability of the risk

• To increase the probability and impact of the risk

• To transfer the risk to another project

• To eliminate the risk entirely

What is the difference between mitigation and contingency planning?

• Mitigation and contingency planning are the same

• Mitigation increases risk impact, while contingency planning decreases it

• Mitigation eliminates risks, while contingency planning ignores them

• Mitigation reduces risk probability, while contingency planning prepares for risk occurrence

What is a common acceptance strategy for dealing with risks?

• Ignoring the risk

• Transferring the risk to another project

• Having contingency time or budget

• Eliminating the risk entirely

What might result from planned risk responses?

• Increased project costs without justification

• A change request to project baselines

• Immediate project completion

• Elimination of all project risks

Which project document is updated with information from the risk response process?

• Project Charter

• Quality Management Plan

• Risk Register

• Stakeholder Register

What is the purpose of multicriteria decision analysis in risk response planning?

• To ignore low-priority risks

• To eliminate all project risks

• To provide a systematic approach for evaluating and ranking alternatives

• To ensure all risks are transferred