PMI-RMP Certification Training - Plan Risk Responses – Input, Tools and Techniques, and Output

The video tutorial covers the resource management plan, focusing on resource allocation for risk responses. It explains the role of contingency funds and the risk register in planning risk responses, including qualitative and quantitative risk analysis. The risk management plan and tools for planning risk responses are discussed, highlighting strategies for negative and positive risks. The tutorial concludes with the outputs of the plan risk responses process, including updates to the risk register, contract decisions, and project management plan updates.

What is the primary purpose of the Resource Management Plan in risk management?

• To define project scope

• To identify project risks

• To create a risk register

• To allocate resources for risk responses

How are contingency funds different from monetary reserves?

• Monetary reserves are included in the cost baseline

• Monetary reserves are for identified risks

• Contingency funds are for unidentified risks

• Contingency funds are for identified risks

What is the role of the risk register in risk management?

• To allocate resources

• To prioritize project risks

• To define project scope

• To manage project schedules

Which of the following is a strategy for positive risks?

• Sharing

• Mitigation

• Avoidance

• Transference

What is the purpose of a contingency response strategy?

• To allocate resources for risk responses

• To reduce risk below project tolerance

• To plan for unidentified risks

• To create a risk register

What is an output of the plan risk responses process?

• Creation of a risk register

• Updates to the risk register

• Identification of new risks

• Allocation of contingency funds

Which document may need updates as a result of planned risk responses?

• Project documents

• Stakeholder register

• Risk management plan

• Project charter