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NEW QUESTION # 257
Ted is the project manager of the HRR project for his company. Management has asked that Ted periodically reviews the contingency reserve as risk events happen, pass, or are still pending. What is the purpose of reviewing the contingency reserve?
Answer: B
NEW QUESTION # 258
The project's customer has stated the project must be completed by a date indicated as the P90 date established on the Monte Carlo analysis. What should the project manager do to ensure the P90 date is met?
Answer: C
Explanation:
The project manager should mitigate risks identified on the sensitivity analysis to ensure the P90 date is met.
Sensitivity analysis helps identify the most critical risks that have the potential to impact the project's completion date. By mitigating these risks, the project manager can increase the likelihood of meeting the P90 date.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the P90 date is the date that has a 90% probability of being met or exceeded by the project completion1. The Monte Carlo analysis is a simulation technique that generates possible outcomes of the project schedule based on the probability distributions of the activity durations2. The sensitivity analysis is a technique that determines how different sources of uncertainty affect the project objectives, such as the completion date3. Therefore, the project manager should mitigate the risks identified on the sensitivity analysis, as they are the most likely to affect the P90 date. By reducing the uncertainty and variability of the project schedule, the project manager can increase the confidence level of meeting the P90 date.
References: 1: PMI, Practice Standard for Project Risk Management, 2009, p. 91 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 215 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 403
NEW QUESTION # 259
You are the project manager of the HQQ Project for your company. You are working with your project stakeholders to discuss the risks in the project that can adversely affect the project objectives. You are discussing the possibilities of causes for an identified risk event in your project. Your stakeholder is confused on the difference between causes and risk events. Which of the following is NOT an example of a cause for a project risk?
Answer: C
NEW QUESTION # 260
Which of the following represents levels of risk attitude?
Answer: A
NEW QUESTION # 261
During a meeting with a project team, a project manager asks a risk manager to determine the risk events that could potentially have the most impact on a 2-year project with a budget of US$800 000. Which approach should the risk manager suggest the project manager take?
Answer: D
Explanation:
Sensitivity analysis is a quantitative risk analysis technique used to determine how variations in individual project risks affect project objectives, such as cost, schedule, or performance. By analyzing the sensitivity of these variables, the project team can identify which risks have the most significant potential impact on the project. This information is crucial for prioritizing risk responses and allocating resources effectively.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Content Outline includes sensitivity analysis as a key technique in performing quantitative risk analysis, aiding in the identification of high-impact risks that require focused attention.
NEW QUESTION # 262
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