The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.
How should the project manager and the risk manager handle this situation?
Meeting with the traffic authority staff responsible for the new regulation allows the project manager and risk manager to understand the potential changes and their impact on the project. This will help them proactively address any potential issues and ensure the project complies with the new regulations.
A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?
The first thing the risk manager should do is analyze the situation and meet with the risk owner. This will allow the risk manager to understand the challenges faced by the risk owner and work with them to find a solution. Conducting a cost-benefit analysis or changing the risk response strategy may be necessary, but it is important to first understand the situation before taking any action.
A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described. What is critical for the risk manager to consider when describing the causes?
When describing the causes of a risk, it is critical for the risk manager to ensure that the causes represent actual conditions, as this will help in the accurate identification and assessment of the.
A company in the mining industry accommodates a lot of innovation and changing work conditions. Because of this, the company experiences difficulty in predicting long term business plans.
How should a professional risk manager manage the risks in such situations?
In a company with rapidly changing work conditions and difficulty in predicting long-term business plans, a professional risk manager should adopt agile approaches to manage the risks (B). Agile approaches allow for flexibility, adaptability, and quick response to changes, making them suitable for managing risks in such situations. This is supported by the PMI's PMBOK Guide, Sixth Edition, and the Agile Practice Guide.
A new risk manager is assigned to an ongoing project, what should the new risk manager dofirst to assess the project environment?
When a new risk manager is assigned to an ongoing project, their first step should be to review the existing risk management plan to understand the current policies, practices, and strategies in place.
The project manager is reviewing the lessons learned from a previous similar project. The previous project was delayed due to the delay in delivery of a gas turbine generator (GTG). Construction of the previous project had to be shut down unexpectedly to wait for the late delivery of the GTG.
What should the project manager do first?
The project manager should first gather more information about the previous project's issues by interviewing the other project manager. This will help in understanding the root causes of the delay and how to prevent similar issues in the current project before taking further action.
While planning for project execution phase stakeholders are making decisions on how to respond to known and new risks. What artifact should the stakeholders prepare?
The stakeholders should prepare a risk-adjusted backlog when making decisions on how to respond to known and new risks. A risk-adjusted backlog helps prioritize work items based on their risk level and potential impact on the project.
A project manager has finished the project charter for a project and has now moved into the planning phase. In the first planning meeting, the project manager is trying to determine the risk tolerance and risk attitudes of the project's key stakeholders.
What is the first resource the project manager should reference?
Enterprise environmental factors (EEFs) provide information about the organization's culture, risk tolerance, and risk attitudes, which can help the project manager determine the risk tolerance and risk attitudes of the project's key stakeholders. (Reference: PMBOK Guide, 6th Edition, p. 39)
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?
The project risk manager should generate reports to assess and communicate the project risk level to stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks effectively.
During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting. What should the project manager do?
The project manager should include secondary and residual risks in the risk response plan, as they may still impact the project. Proactively addressing these risks will help the project team to be prepared and manage them effectively if they occur.
A project manager is working on a high priority and high profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.
What should the project manager have done to avoid this?
The project manager should have updated the project schedule by adding risk owner implementation tasks. This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary.
A project manager was informed that the testing of the latest component in the project's software update release was not successful. As a result, 1he delivery timelines for the software release wifi be delayed, The project manager did not previously capture this as a risk to the project.
What should the project manager do next to avoid similar risks?
The project manager should reassess risks by conducting a new assumptions and constraints analysis. This will help identify any previously overlooked risks and ensure that the risk register is comprehensive and up-to-date.
A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.
What should the risk management professional do next?
A risk breakdown structure (RBS) is a hierarchical representation of risks, organized by risk categories. Developing an RBS will help the team systematically identify and consider high-level and strategic project risks across various categories, ensuring a comprehensive risk identification process.
When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)
When conducting a risk identification exercise, the risk manager should ensure participants review relevant documents before attending the meeting and ensure that all relevant stakeholders participate. This helps ensure a comprehensive understanding of the project and its risks, and promotes effective risk identification.
A risk manager of a major project facilitates a meeting to develop the risk management plan. What two factors does the risk manager need to consider to ensure an effective risk management plan is developed? (Choose two.)
To ensure an effective risk management plan, the risk manager needs to consider aligning the plan to project constraints and priorities and obtaining stakeholder acceptance, as these factors will help ensure that the plan is relevant and supported by the project team and stakeholders.
After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.
What should the risk manager do to facilitate the sponsor's ask?
Quantitative risk analysis helps to numerically analyze the probability and impact of risks on project objectives. By performing quantitative risk analysis, the risk manager can present the risks with the most impact on achieving the project objectives to the project sponsor. (Reference: PMBOK Guide, 6th Edition, p. 423)
During the design phase the project team is exploring various architecture options. After reviewing the results of design pilot, two conflicting infrastructure pieces were identified.
What action should the project manager take?
When conflicting infrastructure pieces are identified, the project manager should update the assumptions log to reflect the new information and assess the risks associated with the conflicting pieces. This allows the project manager to make informed decisions about how to address potential issues and avoid future problems. (Reference: Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, Section 11.3)