A. _____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have. 9.Question: Project risk management includes all the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning. Which of the following is NOT one of the steps in the risk management process? Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response? TRANSFER: Transfer the risk to some other party. Whenever the project manager is responding to threats or opportunities: Execution of strategies must be time-bound, Effort selected must be appropriate to the severity of the risk, A single response can be an act of multiple risk events, A strategy can be selected not only by the project manager but also by the team, the stakeholders and experts. A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails. However, their impact can be reduced. B. RISK REASSESSMENTS: The process of periodically reviewing the risk management plan and risk register and adjust the documentation as required is termed as risk reassessment. In this case, proactive risk management planning is a very worthwhile endeavour.Changing the project plan to remove a risk will involve changes to the project scope, resources, and/or time, but it can be the right response. A project manager should review risk throughout the project. It is not required to eliminate all the risks of the project due to resource and time constraints. All of the following describe the appropriate application of Perform Quantitative Risk Analysis in project management EXCEPT: Large, complex and expensive projects stand to benefit from the additional rigor of quantitative risk analysis techniques. Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project? Risk attitude consist of all the following elements except for which one? Each of the following statements is true regarding the risk management plan except for which one? Residual risks are those risks that are accepted and contingency plans are developed. A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired. Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves. In this blog post, I will talk about all the strategies you can use to manage both types of risks. D-)Unmanageable risks. However, generally project managers focus on negative risks and avoid managing positive risks. The risk management plan includes a description of the responses to risks and triggers. Determining performance measures. A list of questions that address traditional areas of uncertainty on a project is termed a. Contingency planB. Explanation. Planning for risks is iterative. Residual Risks: There are risks that remain after completion of risk response planning. Insurance purchases, warranties, guarantees, etc are examples of risk transfers. Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it. Plan Risk Responses in project management EXCEPT: Often multiple strategies are identified for a single risk. d. Diversity of staff . rights reserved. The contents of this plan will describe how the following processes are to be used: ... Plan risk responses; Monitor and control risks; Plan risk management should take place early in the project because it will have a significant impact on all aspects such as scope, time, cost, quality, and procurement. RESERVE ANALYSIS: While the work is being done, reserve analysis is simply checking to see how much reserve remains and how much might be needed. Risks that can result in a system or process that will not work are known as. Acceptance C. Mitigate D. Avoid. It is not imperative that all risk be eliminated. Transfer B. A decision to accept risk must be communicated to stakeholders. PMI®, PMBOK®, PMP® and PMI-ACP® are registered marks of the Project Management Institute, Inc. The following are the basic types of risk response. Active acceptance may involve contingency plans to be implemented if risk occurs and allocation of time and cost reserves to the project. The purpose of risk monitoring is to address how risk will be monitored. Summary. Physical appearance of the office . risk avoidance is a risk treatment option hence cannot be considered a process Risk management includes all of the following processes except: - Bayt.com … Relative probability or likelihood of occurrence of identified risks. The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following? 8. The list of actions involved in monitoring and controlling risks are: Determine the occurrences of risk triggers, Keep risk identification, analysis and monitoring an iterative process in the project, Evaluate the effectiveness of risk response plan, Risk status should be collected and communicated, Monitor the rigor of risk management procedures, Identify if additional risk responses need to be determined, Look for unexpected effects or consequences, Update risk management and risk response plans, Use contingency reserves and adjust for approved changes. B-)Residual risk. ACCEPT: Passive acceptance leaves action to be determined as needed, in case of a risk event. Question 14 – Risk attitude is an enterprise environmental factor that you should evaluate when performing the plan risk management process. The choices of response strategies for OPPORTUNITIES include: EXPLOIT: Add work or change the project to make sure the opportunity occurs, ENHANCE: Increase the probability and positive impact of risk events, SHARE: Allocate ownership of opportunity to a third-party. Managing risks is important for your project’s success. In order to minimize risk, a practice must have an effective risk management plan in place. The Plan Risk Response process produces this output, which may result in a review through the Perform Integrated Change Control process. If a better response strategy cannot be identified, accepting the risk might be sufficient to proceed with the project. Plan Risk Management, Identify Risks, Assess Risks, Mitigate Risks, Transfer Risks, and Document Outcomes. The basic methods for risk management can apply to all facets of an individual's life—especially health—and can pay off in the long run. Project charter. ... created by the project team and the project manager while the project manager and the customer agree on the contingency plan. This is termed as mitigation of risks. 1. However, every time a risk response issuggested, another risk is identified that is caused by the response. All If you want to realize the opportunity and you cannot do so on your own, you will try the share risk response strategy. Enter your email and we'll send you instructions on how to reset your password. B. The following are the basic types of risk response. The following section contains PMBOK v5 content and it is not applicable to PMBOK v6. B. The demolition of the Seattle Kingdome (Snapshot from Practice) is an example of which of the following? Risk is an uncertain event or condition 2. All of the following are inputs to the Risk Management Planning process EXCEPT: WBS. Which type of risk response strategy typically involves some form of legal or contractual setting? C. Documenting the degree to which each project phase was properly closed after its completion D. Updating the company’s organizational process … You should not do this and must instead focus on managing both types of risks. Risk response planning is the process of developing options to minimize threats and maximize opportunities. WORKAROUNDS: These are unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project. In this context, all the following statements about risk are accurate EXCEPT: 1. Project Risk Management includes all of the following processes except: A. We need to identify potential problems that could negatively affect the project, analyze the likelihood of them occurring, take action in order to prevent the risks that can be eliminated and minimize those that are impossible to avoid. Which of the following is NOT included in a Failure Mode and Effects Analysis? A. A decision to accept risk must be communicated to stakeholders. Considerations for Agile/Adaptive Projects, Agile Scrum Master Certification Training, PRINCE2® Foundation Certification Training, PRINCE2® Foundation and Practitioner Combo Training & Certification, Certified ScrumMaster® (CSM®) Training and Certification Course, Lean Six Sigma Green Belt Training & Certification, Lean Six Sigma Yellow Belt Training Course, Lean Six Sigma Black Belt Training & Certification, Lean Six Sigma Green & Black Belt Combo Training & Certification, ITIL® 4 Foundation Training and Certification, Microsoft Azure Fundamentals - AZ-900T01 Training Course, Developing Solutions for Microsoft Azure - AZ-204T00 Training course, Type of questions you can expect in PMP exam, PMI PDUs - Under new PMP Talent Triangle®, Career Opportunities for PMP Certified Professionals, Project Manager Role and Sphere of Influence. A project manager is creating a risk response plan. Three of the six constraints include all of the following EXCEPT _____. Project Management Plan can be updated by new work activities/packages that could be added, removed, or assigned to different resources, thus, making planning an iterative process. Secondary Risks: These are those risks which may be created due to the implementation of current risk responses, Risk triggers: The events that trigger the contingency response are risk triggers. Used under license of AXELOS Limited. Similarly, the project managers should work to ensure that opportunities occur. Which of the following groups should NOT be a part of the risk identification process? Which of the following activities might you consider adding a time buffer to? The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their impact. D. Response E. A Turning over the product of the project. All of the following describe the appropriate application of Perform Quantitative Risk Analysis in project management EXCEPT: Large, complex and expensive projects stand to benefit from the additional rigor of quantitative risk analysis techniques. The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their impact. Risk is an uncertain event or condition 2. 1. Contracts: The contracts issued to deal with risks should be noted in the risk register. Video Training. Document the new risks and continue the Plan Risk Responses process. Risk response owners: Risks can be assigned to individuals who can develop risk responses and also who will implement risk responses if those opportunities or threats occur. Certified ScrumMaster® (CSM) is a registered trade mark of SCRUM ALLIANCE®. It involves the removal of the tasks that contain the risk from the project.Sometimes you can remove a small part of a project which carries a large risk factor. Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk. Risk appetite B. 3. The initial step in the risk management process is to, One common mistake made early in the risk identification process is to. What informatio n can be obtained by reviewing the OIG work plan? Fall back plans: Specific actions that are taken if contingency plans (or risk response plans) are not effective, Reserves (contingency): Reserves are necessary for both time and cost risk. The process of Implementing Risk Responses is the process of planning and implementing actions and plans in response to project risks. A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning. risk avoidance is a risk treatment option hence cannot be considered a process Risk management includes all of the following processes except: - Bayt.com … A Risk Response Matrix contains all of the following except A. Using the PMBOK definition of contingency reserve, which of the following statements about contingency reserves is false? Risk response is a planning and decision making process whereby stakeholders decide how to deal with each risk. Risk register, project management plans and project documents need to be updated as outputs of Plan Risk Responses. All 42 . Answer is A. Risk management involves all of the following EXCEPT: a. The risk response plan describes the actions to take, should the identified risks occur. C Response strategy update in the risk register. In order to minimize risk, a practice must have an effective risk management plan in place. All of the following activities are appropriate upon completion of risk response planning EXCEPT: The risk register should be baselined after planning is completed, and should not be updated once the project is in flight. ___ involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan What informatio n can be obtained by reviewing the OIG work plan? STATUS MEETINGS: Risks should be a major point of discussion in all team (project status) meetings, Change requests, recommended preventive and corrective actions. ITIL® is a registered trade mark of AXELOS Limited. C-)Contingency plan. b. Closure includes all of the following EXCEPT: A. The risk assessment form contains all of the following EXCEPT A. On the other end of the spectrum, acceptance involves planning the risk into the project. The risk management plan generally includes all of the following EXCEPT actual response to a risk event that occurred Qualitative Risk Analysis assesses the priority of identified risks using all of the following EXCEPT A mathematical technique to create a false impression of precision and reliability A project manager is creating a risk response plan. c. Return on investment for equipment purchases . Risk management plan . Microsoft and MS Project are the registered trademarks of the Microsoft Corporation. Remember, all projects carry risk in some form. This is where planning and risk response strategies come into play. All of these are included in the matrix 26. PMP Exam Questions #27. SAP Trademark(s) is/are the trademark(s) or registered trademark(s) of SAP SE in Germany. The answer is an input to the Risk Identification process. Explanation. Ask community organizations, critical infrastructure owners and operators, and other B. Scope Baseline; Risk Register; Quality Management Plan; Risk Management Plan; Answer: C. Hint: PMBOK 5, Page 312, Sec 11.3 (3) A risk is defined as _____ event or condition that, if it occurs, has a positive or negative effect on one or more project_____. Project managers should work to eliminate the threats before they occur. The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk, The risk assessment form contains all of the following EXCEPT. The choices of response strategies for THREATS include: AVOID: Focus on eliminating the cause and thus, eliminating the threat. Internal risk management strategy Contingent response strategy External risk response Expert judgment Answer: b) Contingent response is plan B. 42 . Patient safety . Get the detailed answer: A Risk Response Matrix contains all of the following except A. You must identify all risks and develop a proper risk response plan. Outputs of Plan Risk Responses include all of the following EXCEPT: A Updated risk owners. Change management systems are designed to accomplish all of the following EXCEPT. Risk response is the process of controlling identified risks.It is a basic step in any risk management process. A response strategy for BOTH threats and opportunities: ACCEPT: Passive acceptance leaves action to be determined as needed, in case of a risk event. Plan Risk Responses in project management EXCEPT: Often multiple strategies are identified for a single risk. All of the following activities are appropriate upon completion of risk response planning EXCEPT: The risk register should be baselined after planning is completed, … For an effective risk management plan, you will have to manage both types of risks. Physical appearance of the office . Risk Monitoring. A. 25. _______________ focuses on how to respond to events that have a positive impact on a project. Patient safety . c. Return on investment for equipment purchases . Risk Monitoring and Control B. Risk response plan . Trigger C. Who is responsible? IASSC® is a registered trade mark of International Association for Six Sigma Certification. The purpose of this process is to ensure that each of the identified risks on the Risk Register has appropriate actions or plans to mitigate or avoid a risk before it happens or to provide a response when a risk occurs and turns into a project issue. The Swirl logo™ is a trade mark of AXELOS Limited. Project managers should work to eliminate the threats before they occur. Based on the following, which event should you be most concerned about? Which of the following is true about pure risk? CISSP® is a registered mark of The International Information Systems Security Certification Similarly, the project managers should work to ensure that opportunities occur. For the threats that cannot be mitigated, the project manager needs to have a robust contingency plan and also a response plan if contingencies do not work. Internal risk management strategy Contingent response strategy External risk response Expert judgment Answer: b) Contingent response is plan B. Which of the following is NOT involved in risk control? Which of the following is NOT one of the potential responses to a specific risk event? Qualitative risk, quantitative risk, and risk response planning do not end ones you begin work on the project. When completing a threat/hazard analysis, you should do all of the following actions, EXCEPT FOR: A. d. Diversity of staff . Plan risk responses are the process where risk response plans are developed using strategies such as avoid, transfer, mitigate, accept, exploit, share, enhance, develop contingent response strategies, and apply expert judgment. Active acceptance may involve contingency plans to be implemented if the risk occurs and allocation of time and cost reserves to the project. Which of the following is theBEST thing for the project manager to do? Normally a collaborative discussion needs to occur to assure the best option is the response. All of the following are hygiene factors according to Herzberg’s Theory EXCEPT: A-)Salary. A. The risk can be deflected or transferred to another … Definition of project risk Tools such as a risk assessment form and a risk severity matrix are used to. RISK RESPONSE PLAN 2 Purpose of a risk response plan Risk Response Planning encompasses the process of developing options as well as determining the actions that enhances opportunities while reducing significant threats to a project core objectives. Risk events threaten the successful completion of these critical success factors. There are three steps to risk planning: Identifying Risks; Prioritizing Risks; Determining Response Plans Create a tailored training plan based on the knowledge you already possess. Risk management involves all of the following EXCEPT: a. Secondary risks are risks that arise as a direct result of implementing a risk response. rights reserved. However, every time a risk response issuggested, another risk is identified that is caused by the response. A-)Secondary risk. Who is responsible?D. Likelihood of the risk event occurring. Stakeholder risk tolerance. PRINCE2® is a registered trade mark of AXELOS Limited. D Risk impact and work performance information updates. Trends in quantitative and qualitative risk analysis results. The Perform Qualitative Risk Analysis process assesses the priority of identified risks using all of the following EXCEPT: answer choices A. The risk management plan is an output of the Plan Risk Management process. ESCALATE: Risks which cannot be monitored and handled by the project are escalated to the upper level, for example to program management. Risk response is the process of controlling identified risks.It is a basic step in any risk management process. Risk Identification C. Risk Avoidance D. Risk Response Planning E. Risk Management Planning 2. A Risk Response Matrix contains all of the following EXCEPT, A key distinction between a risk response and a contingency plan is. Likewise, the project manager is also responsible to decrease the probability and impact of threats and increase the probability and impact of opportunities. Secondary risks. Used under license of AXELOS Limited. Thus, risk planning involves identifying the most important risk events in advance, prioritizing them, and developing the appropriate risk response plans. b. The risk response should be inline with the significance of the risk, cost-effective, and realistic. Contingency plans: They describe the specific actions that can be taken if the specific opportunity or threats occur. Risk response is a planning and decision making process whereby stakeholders decide how to deal with each risk. Document the new risks and continue the Plan Risk Responses process. An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a, The chances of a risk event occurring as a project proceeds through its life cycle tend to, The cost impact of a risk event occurring as a project proceeds through its life cycle tends to, The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as. Consortium (ISC)2. B Updated contingency reserves. RISK AUDITS: Risk audits helps the project manager prove that all the risks are identified, a plan of mitigation for each major risk is available and risk response owners are prepared to take action. 8. ResponseE. Contingency plan B. This is an example of which risk response strategy? B. A. 9.Question: Project risk management includes all the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. Transfer. Identify Risks, Plan Risk Management, Evaluate Risks, Develop Risk Responses, Mitigate Risks, and Document Results. TriggerC. You will choose the exploit risk response strategy if the strategy is too important to miss. In this context, all the following statements about risk are accurate EXCEPT: 1. Which of the following is theBEST thing for the project manager to do? A. After your team has successfully identified potential risks that could affect the project, what is the next step? Although often not possible, this is the easiest way of removing risk from a project. (2) The inputs used in the process of Perform Qualitative Risk Analysis includes all except. Knowledge Area: Risk Management. All of the following are outputs of the Risk Response Planning process EXCEPT: Residual risks. Matthew Metheny, in Federal Cloud Computing (Second Edition), 2017. MITIGATE: There are certain risks that cannot be eliminated. 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Legal or contractual setting, etc are examples of risk response process produces this output, which should! Specific opportunity or threats occur be monitored plans and project documents need to be updated outputs! Security Certification Consortium ( ISC ) 2 the following are the registered trademarks of the following EXCEPT residual. Opportunities occur decide how to deal with the project manager should review risk throughout the project managers on. All risk be eliminated be sufficient to proceed with the significance of the potential Responses to and!