PMP Certification Training - Project Risk Management

The video discusses the broadening focus of project risk management, emphasizing the need to consider all types of risks in a wider context. It introduces emerging practices, highlighting the importance of identifying and managing non-event risks like variability and ambiguity risks. The concept of project resilience is explored, along with integrated risk management practices that enhance decision-making and performance. Tailoring risk management approaches to fit project size, complexity, and delivery methods is discussed, with a focus on agile and adaptive environments. Agile communication and stakeholder engagement are emphasized for effective risk management.

What are the two main types of non-event risks discussed in project risk management?

• Market risk and credit risk

• Strategic risk and compliance risk

• Financial risk and operational risk

• Variability risk and ambiguity risk

How can project resilience be defined in the context of risk management?

• The ability to transfer risks to another party

• The ability to eliminate all risks

• The ability to overcome unknown risks when they occur

• The ability to predict all potential risks

What factor is NOT mentioned as contributing to project complexity?

• Unusual commercial arrangements

• New technology

• Innovative projects

• Stable market conditions

In a waterfall project, how are risk processes typically followed?

• Randomly and sporadically

• Only at the end

• Sequentially and iteratively

• Only at the beginning

What is a key feature of agile communications in risk management?

• Formal and rigid communication channels

• Quick and frequent communications

• Infrequent and lengthy meetings

• One-way communication from management