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Stakeholder Engagement (19-20%)
- Engaging the stakeholders on the risk prioritization process according to the stakeholder risk tolerance and different relevant standards for optimizing the consensus regarding priorities;
- Utilizing useful communication methods and sharing information on project risk performance to liaise with the stakeholders of other projects to notify them about suggestions for their projects.
- Training, coaching, and educating the stakeholders in risk processes and principles to create a common understanding of processes & principles, as well as foster involvement in risk management;
- Coaching the project team members in performing risk processes to secure the regular utilization of risk processes;
- Promoting risk ownership by proactively communicating responsibilities and roles as well as involving project team members in the expansion of risk responses for improving the risk response execution;
Earning the PMI-RMP Certification demonstrates an individual's commitment to the field of risk management and their ability to manage risk effectively. PMI Risk Management Professional certification is recognized globally and can lead to career advancement and increased earning potential. The PMI-RMP certification is a valuable asset for individuals who want to differentiate themselves in the competitive field of project management and risk management.
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To be eligible for the PMI-RMP Exam, the candidate must have a high school diploma or equivalent, 4,500 hours of experience in project risk management, and 40 hours of formal education in risk management. Alternatively, the candidate can have a bachelor's degree or equivalent, 3,000 hours of experience in project risk management, and 30 hours of formal education in risk management. The candidate must also agree to adhere to the PMI Code of Ethics and Professional Conduct.
PMI Risk Management Professional Sample Questions (Q87-Q92):
NEW QUESTION # 87
A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.
What should the project risk manager monitor closely?
- A. Risk breakdown structure (RBS)
- B. Risk thresholds
- C. Risk management reports
- D. Risk response strategies
Answer: B
Explanation:
The project risk manager should monitor risk thresholds closely, as they represent the organization's risk appetite. In a project with a low risk appetite, it is essential to ensure that risks are managed within the defined thresholds to address stakeholders' concerns and maintain their confidence in the project's success.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, risk thresholds are the measure of acceptable variation around an objective that reflects the risk appetite of the organization1. Risk appetite is the degree of uncertainty an entity is willing to take on in anticipation of a reward2. In this case, the project has a significant impact on the organization and the stakeholders have a low risk appetite, meaning they are not willing to accept much deviation from the project objectives. Therefore, the project risk manager should monitor the risk thresholds closely to ensure that the project risks do not exceed the acceptable level of variation and impact the project performance negatively. By monitoring the risk thresholds, the project risk manager can also identify when risk responses are needed and evaluate their effectiveness.
References: 1: PMI, Practice Standard for Project Risk Management, 2009, p. 20 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 720
NEW QUESTION # 88
A risk manager is integrated into a team overseeing a crucial software development project. During the information gathering phase, the risk manager notices significant weaknesses in the maturity of the risk management process. The team needs to establish a more structured approach to managing risks, including the documentation of strategies, ownership structures, and details about the organization's project risk baseline.
What should the risk manager do?
- A. Arrange the risk mitigation plan.
- B. Prioritize the risk register.
- C. Create a risk action plan with risk owners.
- D. Prioritize the risk management plan.
Answer: D
Explanation:
A risk management plan is the foundational document for risk management. It defines processes, ownership, strategies, and baselines, and must be developed first before other detailed risk actions. PMBOK Guide specifies:
"The risk management plan is the key document that outlines the approach, processes, roles, responsibilities, and documentation requirements for risk management."
- PMBOK Guide, 6th Edition, Section 11.1
References:
PMBOK Guide, 6th Edition, Section 11.1
NEW QUESTION # 89
Mike is the project manager of the NNP Project for his organization. He is working with his project team to plan the risk responses for the NNP Project. Mike would like the project team to work together on establishing risk thresholds in the project. What is the purpose of a risk threshold?
- A. It helps to identify those risks for which specific responses are needed.
- B. It is a study of the organization's risk tolerance.
- C. It is a warning sign that a risk event is going to happen.
- D. It is a limit of the funds that can be assigned to risk events.
Answer: A
NEW QUESTION # 90
You are the project manager of the NJJ project. Your enterprise environmental factors require that you establish certain risk management rules regarding low risks within your project. What is the best policy for risks with low probability and low impact in the project management?
- A. These risks should be placed in the risk register.
- B. These risks should be identified, but dismissed.
- C. These risks should be placed on a watchlist for future monitoring.
- D. These risks should be accepted.
Answer: C
Explanation:
Explanation
NEW QUESTION # 91
Harry works as a project manager for the NHQ Project. He is performing quantitative risk analysis for his project. One of the project risks has a 40 percent probability of happening, and it will cost the project $65,000 if the risk happens. What is the expected monetary value of this risk event?
- A. Negative $67,000
- B. $27,000
- C. Zero - the risk event has not yet occurred
- D. Negative $26,000
Answer: D
NEW QUESTION # 92
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