PMI-RMP Certification Training - Conducting Risk Audit

The video tutorial covers various aspects of risk management in project management, focusing on risk audits, trend analysis, variance analysis, reserve analysis, and status meetings. It explains how to conduct a risk audit for an ERP implementation, the importance of trend analysis in monitoring project performance, and how variance analysis helps in understanding deviations from the project plan. Reserve analysis is discussed in terms of contingency and management reserves, and the role of status meetings in managing risks is highlighted.

What is the primary role of an external consultant in a risk audit?

• To conduct financial audits

• To implement new risk management procedures

• To familiarize with existing procedures and monitor risk assessment

• To replace the internal risk management team

What is the purpose of trend analysis in project management?

• To create new project plans

• To finalize project budgets

• To hire new team members

• To determine if project performance is improving or deteriorating

How does a control chart assist in project management?

• By tracking team attendance

• By calculating project costs

• By scheduling team meetings

• By monitoring project parameters and identifying risks early

What does variance analysis compare in a project?

• The project goals with the company mission

• The planned and actual risk impacts

• The team size with project requirements

• The project location with client preferences

What is the purpose of technical performance measurements?

• To assess if technical objectives are being met

• To evaluate team communication skills

• To finalize project deadlines

• To determine project location

What are contingency reserves used for in a project?

• To redesign project plans

• To purchase new equipment

• To serve as buffers for scheduled risks or setbacks

• To hire additional staff

Why should risk discussions be included in status meetings?

• To ensure risks are addressed before they become issues

• To increase meeting duration

• To reduce project costs

• To finalize project deadlines