RMP - 7. FINAL PREPARATION

The risk manager wants to determine what is to be measured, how it is to be measured, and what project outcomes are to be measured. In which of the following processes should this be established?

• Monitoring and controlling process.
• Planning process.
• Initiating process.
• Executing process.

A company is preparing a formal response to bid for an infrastructure engineering, procurement and construction project. When should a risk register be developed to identify risks?

• During the project execution phase to allow the project manager to understand the risk attitudes of stakeholders.
• After a project budget is set up with a purchase order to charge hours for a risk workshop.
• Before a formal bid response is provided to the client to gain a greater understanding of the project's risk profile.
• When a client project kick-off meeting is held to introduce risk assessment process to the client

If the project manager wants to review the risk response effectiveness from past projects, from which of the following will he find these?

• Lessons learned and enterprise environment factors.
• Lessons learned and risk audit.
• Lessons learned and probability and impact matrix.
• Lessons learned and issue log.

What are the key success factors for the risk identification process?

• Risk identification should be performed as early in the project lifecycle as possible. Risks should be clearly described and linked to project objectives.
• Risk identification should be based on agreed-upon definitions, collect high-quality information about risks, and used throughout the project.
• Risk identification should be performed as early in the project lifecycle as possible; risks should be clearly described and use appropriate project model.
• Risk identification should be performed as early in the project lifecycle as possible; risks should be clearly described and interrelationships between risks in quantitative risk analysis.

Which among the following refers to a structural description of a risk which separates cause, effect and risk?

• Risk Model.
• Risk Breakdown Structure.
• Risk Category.
• Risk Meta-language.

A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during the construction of the risk management plan, and they agreed that risk appetite is low. What should the project risk manager monitor closely?

• Risk breakdown structure (RBS).
• Risk management reports.
• Risk response strategies.
• Risk thresholds.

A list of risks was identified that could occur during the design phase. Now, the team finished the design phase, and those risks did not materialize. What should the project manager do next?

• Use their contingency with other risks that are still open.
• Close the risks and update their status in the risk register.
• Reevaluate those risks' severity and update the risk register.
• Remove the risk from the list as they are no longer applicable.

Which of the following will ultimately determine the risk threshold?

• The risk appetite of the key stakeholders.
• The project management office (PMO).
• Practice Standard for Risk Management.
• The project manager.

A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop. What should the risk manager do next to visually organize the risks?

• Develop an affinity diagram.
• Assign probability and impact.
• Perform the analytical hierarchy process.
• Perform a SWOT analysis.

You are a project manager building a prototype board for an embedded project. Since your organization lacks the required level of fabrication expertise, you outsource the fabrication process for board development to an external vendor. During the course of the project, the vendor informs you of a probable delay by 3 days in the final delivery of the fabricated board. This is an EXAMPLE of?

• Risk Trigger.
• Residual Risk.
• Secondary Risk.
• Risk Workaround.